Disposal of UrAmerica PLC and Appoints Auditors

RNS Number : 6364B

URU Metals Limited

05 April 2013

 



For immediate release

5 April, 2013

URU Metals Limited

("URU" or "the Company")

Sale of UrAmerica Plc Assets and Appointment of New Auditor

The Board of Directors of URU Metals (AIM:URU) today announces the sale of the Company's entire share holdings of UrAmerica Plc. ("UrAmerica") for a purchase price of £200,000. The purchaser was Huntress (CI) Nominees Limited.

The Company held 4,421,000 shares of UrAmerica, a private company exploring for uranium in Argentina. The Company's shareholding, purchased in 2008, represented approximately a 7.36% equity interest in UrAmerica.

As a result of this transaction, the Company will cease to be a shareholder in UrAmerica.

Commenting on the disposal of its stake in UrAmerica, Roger Lemaitre, CEO of URU Metals said:

"Our holding in UrAmerica was no longer a core part of our portfolio, hence our disposal. The monies received will go towards our drilling programme at Nueltin, Canada a quality project which we believe will return value to shareholders in the medium to long term. We remain opportunistic in our approach to investing in other assets, a strategy that has paid dividend so far."

In addition, following the closure of its Johannesburg office, the Directors are pleased to announce the appointment of Price Waterhouse Coopers as the Auditor of the Company, with immediate effect.

The Company would like to thank KPMG Johannesburg for the quality of the work they completed, and their professionalism and competence since being selected as URU's Auditor.

For Further Information

URU Metals Limited	[phone]
Roger Lemaitre, CEO
WH Ireland Limited	[phone]
Adrian Hadden
James Bavister
Ribeiro Communications	[phone]
Ana Ribeiro

 

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