Business
Subscription, CLN & Issue of Equity
Subscription, CLN & Issue of Equity.
About this update from Uru Metals Limited
[{"type":"text","content":"\n \n \n RNS Number : 1795M\n URU Metals Limited\n 06 May 2020\n \n \n \n \n 6 May 2020\n \n \n URU Metals Limited\n \n \n \n (\"URU\" or \"the Company\")\n \n \n \n \n \n Subscription, Convertible Loan Note & Issue of Equity\n \n \n \n \n \n \n \n \n URU is pleased to announce that the Company has raised approximately £200,000 through the Subscription for \n 235,294\n \n depositary interests of no par value each (\"Ordinary Shares\") in the share capital of the Company (the \"Subscription Shares\") at a price of 85 pence per Ordinary Share (the \"Subscription Price\") (the \"Subscription\").\n Each Subscription Share will have an attaching warrant with an exercise period of 18 months and exercisable at 85\n pence per new Ordinary Share of the Company (the \"Subscription Warrants\"). The Subscription Price represents a discount of approximately 24% to the Volume Weighted Average Price (\"VWAP\") of 111.5 pence between the period of 1 April 2020 and 5 May 2020.\n \n \n Additionally, the Company has today issued a \n US$250,000\n Convertible Loan Note (the \"Loan Note\") to \n Boothbay Absolute Return Strategies LP (\"Boothbay\")\n , a USA based financial institution. Boothbay has the option to increase the size of the Loan Note to US$500,000 prior to the maturity of the Loan Note. The Loan Note is unsecured, matures on 31 May 2021 (or such later date as the Company may in its sole discretion determine), carries no interest and is convertible at the lower of:\n \n \n (i) a voluntary conversion price triggered on serving a conversion notice (being 85 pence per share for a period of 90 days from the date of the Loan Note; and following expiry of the 90 day period, a 35 per cent. discount to the Volume Weighted Average Price (\"VWAP\") per share in the 5 trading days prior to the noteholder serving a conversion notice); \n \n \n (ii) on an equity fund raising of not less than US$5 million (excluding a Loan Note conversion), a 35 per cent. discount to the price per share paid by investors on such a fund raising; \n \n \n (iii) on a share sale (meaning a sale of Ordinary Shares giving control of the Company, whether for cash and/or by way of exchange for shares in another company and/or for other consideration, and whether or not control of the Company changes as a result of such t...