Accounts Update and Suspension of Trading

RNS Number : 6742K

URU Metals Limited

22 December 2022

 

22 December 2022

URU Metals Limited

("URU" or "the Company")

Update on Annual Report and Interim Report

Suspension of trading in shares

Further to the announcement of 30 September 2022, URU announces that the annual audit is still in progress and the Company will not be in a position to publish its annual report and accounts for the year ended 31 March 2022 ("FY22") by 31 December 2022, being the deadline provided by AIM Rule 19 and the three month extension granted to the Company for Covid related delays.

The Company will not be in a position to finalise and announce the interim report and accounts for the six month period ending 30 September 2022 ("Interims") by 31 December 2022, being the deadline provided by AIM Rule 18, as a consequence of the delay to the completion of the annual audit for FY22.

Consequently, the Company's shares will be suspended from trading on AIM with effect from 3 January 2023, pending publication of the annual audited accounts for FY22 and the announcement of the Interims.

The Company expects to announce the FY22 results, publish the FY22 annual report and accounts and announce the Interims no later than 31 January 2023. 

Further updates will be made as appropriate.

Cash and Banking Update

The Company held cash and cash equivalents of approximately £180,000 c.US$220,000 as at 30 November  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.

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 the Company'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

 

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