URU Metals Limited Extension of Convertible Loan Maturity Date (3122N)
31 Mayo 2022 - 1:01AM
UK Regulatory
TIDMURU
RNS Number : 3122N
URU Metals Limited
31 May 2022
31 May 2022
URU Metals Limited
("URU" or "the Company")
Extension of Convertible Loan Maturity Date
URU announces that it has agreed to extend the repayment date
and long-stop date for conversion of the convertible loan notes
held by Boothbay Absolute Return Strategies LP ("Boothbay") to 31
May 2023 (the "Maturity Date") (previously the maturity date was 31
May 2022). The date by which Boothbay has the right to convert
funds due under the loan note at GBP0.85 per new ordinary share of
the Company ("Ordinary Shares") has also been extended to the
Maturity Date. As consideration for the extension Boothbay has
agreed: (i) to pay to URU consideration of US$100,000 (the
"Extension Fee"); and (ii) agreed that it will not convert sums due
to Boothbay under the convertible loan note on or prior to 31
August 2022.
Details regarding the convertible loan note was announced by the
Company on 6 May 2020, and the maturity date for the note has been
extended on a number of occasion since this date by agreement of
the parties. As at 31 May 2022 the total amount advanced by
Boothbay Absolute Return Strategies LP to the Company is
US$500,000. The Extension Fee shall not be added to the total
amount outstanding and due to Boothbay.
Unless repaid by the Company, amounts due to Boothbay under the
convertible loan note shall convert at or prior to the Maturity
Date:
(i) at a price that is 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;
(ii) on completion of an equity fundraising by the Company, at a
price that is a 35 per cent. discount to the price per share paid
by investors on such equity fundraising;
(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
transaction), a 35 per cent. discount to the price per share paid
on such a share sale; or
(iv) if there is no conversion notice served, equity fundraising
or share sale prior to the Maturity Date, at a 35 percent. discount
to the VWAP per share in the 5 trading days prior to the maturity
date.
In the event that Boothbay is issued with any new Ordinary
Shares pursuant to a conversion of the loan note, it will be issued
with one warrant attaching to each new Ordinary Share issued, with
an exercise period of 18
months from the date of grant and exercisable at GBP0.85 per new Ordinary Share.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
For further information, please contact:
URU Metals Limited
John Zorbas
(Chief Executive Officer)
+1 416 504 3978
SP Angel Corporate Finance LLP
(Nominated Adviser and Broker)
Ewan Leggat / Harry Davies-Ball
+ 44 (0) 203 470 0470
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END
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