URU Metals Limited Grant of Options and update on magnetite test work (7741C)

TIDMURU

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     Options      Total 
                     at 6p       at 9p       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] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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April 19, 2017 11:25 ET (15:25 GMT)