Existing Convertible Loan Note Amendment 06 August 2020

6 August 2020

URU  Metals Limited

("URU" or "the Company")

Existing Convertible Loan Note Amendment

 

URU is pleased to announce that the Company has agreed to extend the notice period relating to the Convertible Loan Note (the "Loan Note") as previously announced on 6 May 2020 for a further 90 days with effect from 6 August 2020.  All other terms related to the Loan Note remain the same. The key terms of the Loan Note are as follows:

(i)              a voluntary conversion price triggered on the noteholder serving a conversion notice (being £0.85 per share for a period of 90 days from the date of the Loan Note; and following expiry of the 90 day period, a 35 per cent. discount to the Volume Weighted Average Price (“VWAP”) per share in the 5 trading days prior to the noteholder serving a conversion notice); Now amended to a further 90 days.

(ii)        on a fund raising, a 35 per cent. discount to the price per share paid by investors on the fund raising;

(iii)       on a share sale (meaning a sale of Ordinary Shares giving control of the Company, whether for cash and/or by way of exchange for shares in another company and/or for other consideration, and whether or not control of the Company changes as a result of such transaction), a 35 per cent. discount to the price per share paid on the share sale; or

(iv)       if there is no conversion notice served, fund raising or share sale prior to the maturity date, at a 35 percent. discount to the VWAP per share in the 5 trading days prior to the maturity date.

 

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

 

For further information, please contact:

URU Metals Limited

John Zorbas

(Chief Executive Officer)

 +1 416 504 3978

 

 SP Angel Corporate Finance LLP

(Nominated Adviser and Broker)

Ewan Leggat / Charlie Bouverat

+ 44 (0) 203 470 0470