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URU Metals Limited (URU)

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Wednesday 19 April, 2017

URU Metals Limited

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)

+1 416 504 3978

 

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

 

+44 (0) 203 700 0093

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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