Grant of Options and update on magnetite test work

RNS Number : 7741C

URU Metals Limited

19 April 2017

 

URU Metals Limited

("URU Metals" or "the Company")

Grant of options and update on magnetite test work

Grant of options

URU Metals (AIM:URU), the base metals and uranium explorer and development company, is pleased to announce that the board of the Company has awarded a total of 30,300,000 options to directors, advisers and contractors ("the Options"). The Options vest immediately and expire on 19 April 2022.

15,050,000 of the Options are exercisable at 6p per share, with the balance of 15,150,000 being exercisable at 9p per share. The exercise prices represent a premium of 176 per cent. and 315 per cent. respectively over the closing mid-market price of the Company's ordinary shares on 18 April 2017.

The following Options were awarded to the Directors of the Company and to Henry Kloepper, an Advisor to the board:

	Options at 6p	Options at 9p	Total Options
Jay Vieira	2,600,000	2,600,000	5,200,000
David Subotic	2,600,000	2,600,000	5,200,000
John Zorbas	5,000,000	5,000,000	10,000,000
Henry Kloepper	1,000,000	1,000,000	2,000,000

The Options granted above were in recognition of the Company's recent capital raises which have allowed the Company to finance the initial phases of its current technical programme and its operational cashflow requirements for at least the next 12 months.

In addition, the Directors hold the following existing options exercisable at 2p per share:

	Existing options at 2p
Jay Vieira	2,000,000
David Subotic	3,000,000
John Zorbas	3,000,000

The existing options expire on 23 May 2017. Mr Zorbas has informed the board of his intention to exercise his existing options today.

Update on magnetite test work

Further to the announcement of 6 April 2017, the Company has been informed that preliminary results from the laboratory on the magnetite test work will be available by the beginning of next week.

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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