Equity placing of £280,600. Issue of shares to PDMRs 25th November 2020

25 November 2020

URU Metals Limited (LON: URU) (“URU” or “the Company”)

Equity placing of £280,600

Issue of shares to PDMRs

URU is pleased to announce that the Company has today raised £280,600 through the subscription for 122,000 depositary interests of no par value each (“Ordinary Shares”) in the share capital of the Company (the “Subscription Shares”) at a price of 230 pence per Ordinary Share (the “Subscription Price”) (the “Subscription”).

Conversion of Director and Officer Fees

The Company has today also agreed to issue 35,000 new Ordinary Shares at a price of 230 pence per Ordinary Share (the “Director and Officer Fee Shares”) for a notional value of £80,500 in aggregate to Jay Viera (10,000 Ordinary Shares), Kyle Appleby (10,000 Ordinary Shares) and Marrelli Support Services Inc. (15,000 Ordinary Shares), for the services of Jing Peng as CFO to Marrelli Support Services Inc. in lieu of unpaid directors fees and salary that were due for payment in cash. The unpaid fees and salary have been accrued over several years and have been disclosed in the Company’s audited financial report and accounts.

Related Party Transaction

The issue of new Ordinary Shares to Jay Viera, Kyle Appleby and to Marreli Support Services Inc. constitutes a related party transaction pursuant to AIM Rule 13 of the AIM Rules for Companies. John Zorbas, a Director of the Company who is independent of the transaction, having consulted with SP Angel, the Company’s nominated adviser, consider the issue of the new Ordinary Shares to Jay Viera, Kyle Appleby to be fair and reasonable insofar as the Company’s shareholders are concerned.

Application for Admission

The new Ordinary Shares will rank pari passu in all respects with the existing ordinary shares of no par value in the capital of the Company.  Application will be made to the London Stock Exchange for 157,000 new Ordinary Shares to be admitted to trading on AIM (‘Admission’).  It is expected that Admission will become effective on or around 1 December 2020. 

As a result of the issue of the new Ordinary Shares as described above, the issued share capital of the Company now consists of 1,643,453 ordinary shares of no-par value and this number will represent the total voting rights in the Company and may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company.

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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