Director/PDMR transactions

RNS Number : 8403P

URU Metals Limited

22 November 2016

 

URU Metals Limited

("URU Metals" or "the Company")

Director/PDMR transactions

Following the announcement released earlier today in relation to the placing of 160,000,00 new Ordinary Shares (the "Placing Shares") by the Company (the "Placing"), the Company is pleased to announce that David Subotic and John Zorbas have now each subscribed for 12.5 million new Ordinary Shares (the "Subscription Shares"), on the same terms as the Placing.

As a result, the Company has now conditionally raised £740,000 by the issue of 185,000,000 new Ordinary Shares. The Placing Shares and the Subscription Shares (together the "New Shares") represent 36 per cent. of the enlarged issued share capital of the Company.

Application for Admission

Application will be made for the New Shares, which will rank pari passu with the Company's existing Ordinary Shares, to be admitted to trading on AIM ("Admission"). It is anticipated that Admission will be effective on 6 December 2016.

Following Admission, the interests of the Directors in the Company's enlarged share capital will be as follows:

	Subscription Shares	Total shareholding	%
David Subotic	12,500,000	18,330,000	3.6
John Zorbas	12,500,000	24,200,000	4.7

The subscription for a total of 25 million Subscription Shares by David Subotic and John Zorbas (the "Directors' Subscriptions") is a related party transaction under the AIM Rules for Companies. The Independent Director not participating in the Placing, Mr Jay Vieira, having consulted with the Company's nominated adviser, Northland Capital Partners Limited, considers that the terms of the Directors' Subscriptions are fair and reasonable so far as the shareholders of the Company are concerned.

Total voting rights

Following Admission, the Company's share capital will consist of 513,960,379 Ordinary Shares with voting rights. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of voting rights in the Company is 513,960,379. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.

END

For further information, please contact:

URU Metals Limited John Zorbas (Chief Executive Officer)	[phone]
Northland Capital Partners Limited (Nominated Adviser and Joint Broker) Edward Hutton / Matthew Johnson	+ 44 (0) 203 861 6625
Beaufort Securities Limited (Joint Broker) Jonathan Belliss	+ 44 (0) 207 382 8300
SVS Securities Plc (Joint Broker) Tom Curran	[phone]

 

END

 

 

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