Directorate Changes

RNS Number : 5793H

URU Metals Limited

13 July 2012

 

13 July 2012

URU METALS LIMITED

(AIM: URU)

Directorate Changes

URU Metals Limited ("URU Metals" or "the Company"), an explorer and developer of large scale base metal projects announces that Mr. David Subotic has been appointed to the Board as a Non-Executive Director with immediate effect. Mr. Subotic was nominated to join the Board by NWT Uranium Corporation ("NWT"), the Company's largest shareholder, pursuant to the terms of the relationship agreement between the Company and NWT dated 20 April 2010 (the "Relationship Agreement"). Mr. Subotic is the interim President and Chief Executive Officer of NWT.

Mr. Subotic is a former vice president of Haywood Securities, an international investment firm specialising in the resource sector, where he helped raise more than $2 billion in financing for commodities and oil and gas companies. Previously, Mr. Subotic was a vice president of Canada's Yorkton Securities, a national full-service firm that provides services to institutional investors, issuing companies and retail clients. More recently Mr. Subotic was the founder and chief executive officer of Asian Coast Development Ltd., an international resort developer planning the $4.2 billion Ho Tram Strip integrated resort destination in Southern Viet Nam. Mr. Subotic is currently the CEO and CIO of DAS Capital, a Singapore- and Toronto-based hedge fund and a director of NWT.

Mr. Subotic is directly interested in 3,250,000 ordinary shares in URU, which represents 2.8% of the issued share capital of the Company. Mr Subotic is also directly interested in 4,360,000 ordinary shares in NWT, which represents 3.27% of the issued share capital of NWT.

Background

Following his resignation from his position as president and chief executive officer of NWT on 23 April 2012, John Lynch will remain on the Board of URU, but as a Non-Executive Director rather than an appointed board representative of NWT. It should be noted that Mr. Lynch no longer has any relationship with NWT and is therefore not considered by the Company to be a representative of NWT pursuant to the Relationship Agreement.

Commenting on Mr. Subotic's appointment, Paul Loudon, Non-Executive Chairman of URU Metals, said:

"We are pleased to welcome David to the board of the Company as a representative director of our largest shareholder, NWT. It is also our intention to further strengthen the Board of the Company and in this regard we will seek to appoint an independent non-executive director as soon as a suitable candidate has been identified."

Please see the Appendix below for further disclosure with regard to David Subotic in accordance with the AIM Rules for Companies.

Contact details:

URU Metals Limited Roger Lemaitre, CEO	+ 1 416 892 2870
Fairfax I.S. PLC (Nominated Adviser and Joint Broker) Ewan Leggat / Laura Littley	+ 44 207 598 5368
Daniel Stewart & Company Plc (Joint Broker) Sean Lunn / Noelle Greenaway	+ 44 207 776 6590
Ribeiro Communications Ana Ribeiro	[phone]

APPENDIX

Further disclosures regarding David Subotic as required by the AIM Rules for Companies.

Full name: David Subotic

Age: 37

David Subotic currently holds, or has during the five years preceding the date of this announcement held, the following directorships or partnerships: 

Current:	Past:
DAS Capital Ltd	Asian Coast Development Ltd
IZO Technology	Ho Tram Project Company
NWT Uranium Corporation
Polar Wireless Corporation
Stratton Capital

 

END

 

 

BOAMMGMNVZVGZZM