URU Metals Limited Corporate Update and Extension of Filing Deadline (4377B)
30 Septiembre 2022 - 11:59AM
UK Regulatory
TIDMURU
RNS Number : 4377B
URU Metals Limited
30 September 2022
30 September 2022
URU Metals Limited
("URU" or "the Company")
Corporate update & extension to publication of audited
accounts for year ended 31 March 2022
URU announces a corporate update prior to release of its audited
results for the financial year ended 31 March 2022, which are
delayed as detailed below.
Corporate Update
In August 2021, URU successfully completed the disposal of the
Zebediela Nickel Project ("Project") to Zeb Nickel Corp. (TSX-V:
ZBNI) and the Project remains the primary focus of URU, through its
74.82% interest in Zeb Nickel Corp. and URU's continuing role as
the technical operator of the Project.
Zeb Nickel Corp. ("ZEB") has commenced drilling at the Project,
located in Limpopo, South Africa, and URU has been pleased to
announce multiple positive drilling results from ZEB including the
discovery of nickel, PGE and gold mineralisation. The Company
continues to monitor ZEB's progress as plans are finalised for the
next phase of exploration to advance the Project and looks forward
to updating the market with continued news flow emanating from the
drilling programme at the Project.
The Company also intends to strengthen the Board of URU with the
appointment of an additional independent non-executive director,
who will be UK based, as soon as practicable.
Cash and Banking Update
The Company holds cash and cash equivalents of approximately
GBP360,000 (c.US$401,800) as at 30 September 2022. As announced on
31 May 2022, the Company 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 agreed:
(i) to pay to URU consideration of US$100,000 (the "Extension
Fee"), which has been paid to URU; and (ii) that it would not
convert sums due to Boothbay under the convertible loan note on or
prior to 31 August 2022.
Details regarding the convertible loan note were announced by
the Company on 6 May 2020, and the maturity date for the note has
been extended on a number of occasions by agreement of the parties.
As at 30 September 2022 the total amount advanced by Boothbay to
the Company is US$500,000 and none of his amount has yet been
converted into Ordinary Shares.
Annual Report and Accounts
The Company's main operations are through subsidiaries based in
Canada and South Africa. The company responsible for preparing
URU's financial statements for auditing, Marrelli Support Services
Inc. ("Marrelli"), have had staff directly impacted by the Covid-19
pandemic in Canada which had resulted in the partial closure of
their office. Furthermore, strong social distancing measures put in
place have also impacted Marrelli's ability to visit the Company's
subsidiary offices to obtain audit evidence. As such, URU's
auditors are unable to sign off the group audit opinion and
finalise the Company's Annual Report before 30 September 2022.
Consequently, the Company requested and has been granted a
three-month extension to the filing deadline for the audited
financial results for the year ended 31 March 2022 from AIM
Regulation, which allows the Company until 30 December 2022 to
finalise and publish its 2022 Audited Annual Results though it will
endeavour to do so as soon as possible and expects the audit to be
completed during October 2022.
Market Abuse Regulation (MAR) Disclosure
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
URU'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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