Corporate Update and Extension of Filing Deadline

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 £360,000 (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 £0.85 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)	[phone]
SP Angel Corporate Finance LLP (Nominated Adviser and Broker) Ewan Leggat / Harry Davies-Ball	+ 44 (0) 203 470 0470

 

END

 

 

MSCKZGFLVGDGZZM