URU Metals Limited Prospecting Right Application Update (2263M)
20 Septiembre 2021 - 12:59AM
UK Regulatory
TIDMURU
RNS Number : 2263M
URU Metals Limited
20 September 2021
20 September 2021
URU Metals Limited
("URU" or "the Company")
Commencement of Public Participation Process and Environmental
Impact Assessment in support of the application for a new
Prospecting Right adjacent to the Zebediela Project
URU is pleased to announce that, further to the announcement of
13 September 2021, the Company's appointed environmental
consultants, Tshifcor Investment and Resources (Pty) Ltd
("Tshifcor"), an independent environmental practitioner, have
commenced with an Environmental Impact Assessment ("EIA") and a
public participation process in support of the application for a
Prospecting Right over ten portions of the farm Piet Potgietersrust
Town and Townlands 44 KS totalling 246 hectares ("Prospecting
Right").
The following activities will take place during the week of the
20(th) to 25(th) September 2021:
1. Advertisements in the local community newspaper have been
booked, notifying Interested and Affected Parties ("I&AP's") of
the Prospecting Right application;
2. Site Notices will be erected;
3. Site visits will be conducted by Tshifcor;
4. A Background Information Document ("BAR") will be distributed
identified IAPs and relevant South African government
departments;
5. A draft BAR will be placed on Tshifcor's website,
https://www.tshifcor.co.za , for stakeholder review and
comment.
These activities are required in order for the Company to
complete the EIA for the Prospecting Right application, which will
allow the South African Department of Mineral Resources to grant
the Prospecting Right.
In addition URU is pleased it has agreed Boothbay Absolute
Return Strategies LP to extend/ amend the notice period relating to
the Convertible Loan Note (the "Loan Note") as announced on 26 May
2020 until 31 March 2022. All other terms related to the Loan Note
remain the same. The key terms of the Loan Note are as follows:
All other terms related to the Loan Note remain the same. The
key terms of the Loan Note are as follows:
(i) conversion price 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) a voluntary conversion price triggered on the noteholder
serving a conversion notice (being GBP0.85 per share for a period
of 90 days from the date of the Loan Note and now from 305 days
following from Amended Loan Note Instrument of 31 May 2021; and
following expiry of the 305 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);
(ii) on a fund raising, a 35 per cent. discount to the price per
share paid by investors on the fund raising;
(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 the share sale; or
(iii) if there is no conversion notice served, fund raising 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.
CEO of URU Metals, Mr John Zorbas, commented: " We are excited
to be moving forward with the Prospecting Right approval process.
Being the adjoining property to the Zebediela Nickel Property,
owned by Zeb Nickel Corp (TSXV: ZBNI) increases the exposure of URU
to the massive nickel sulphide and PGE exploration potential on the
Northern Limb of the Bushveld Complex. Subject to the approval of
the Prospecting Right Application by the South African Department
of Mineral Resources we look forward to fast tracking the
exploration of this project in order to quickly understand any
economic potential the ground may hold .
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
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 + 44 (0) 203 470 0470
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END
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