Issue of shares to PDMRs and adviser 26th November 2020

26 November 2020

URU Metals Limited (LON: URU) ("URU" or "the Company")

Issue of shares to PDMRs and adviser

 

URU has today issued 32,858 depositary interests of no par value each (“Ordinary Shares”) in the share capital of the Company at a price of 245 pence per Ordinary Share, being the closing mid-market price of Ordinary Shares on 25 November 2020, to several persons discharging managerial responsibilities in the Company (the "PDMR Shares") for a notional value of £80,500 in aggregate. The PDMR Shares have been issued to Jay Viera (9,388 Ordinary Shares), Kyle Appleby (9,388 Ordinary Shares) and Marrelli Support Services Inc. (14,082 Ordinary Shares), for the services of Jing Peng as CFO to Marrelli Support Services Inc. in lieu of unpaid directors fees and salary that were due for payment in cash. The unpaid fees and salary have been accrued over several years and have been disclosed in the Company's audited financial report and accounts.

URU has also today issued 5,380 new Ordinary Shares at a notional price of 230 pence, being the placing price of the equity raising announced on 24 November 2020, to an adviser of the Company in lieu of fees that were due in cash.

Related Party Transaction

The issue of new Ordinary Shares to Jay Viera, Kyle Appleby and to Marreli Support Services Inc. constitutes a related party transaction pursuant to AIM Rule 13 of the AIM Rules for Companies. John Zorbas, a Director of the Company who is independent of the transaction, having consulted with SP Angel, the Company's nominated adviser, consider the issue of the new Ordinary Shares to Jay Viera, Kyle Appleby to be fair and reasonable insofar as the Company's shareholders are concerned.

Application for Admission

The new Ordinary Shares will rank pari passu in all respects with the existing ordinary shares of no par value in the capital of the Company.  Application will be made to the London Stock Exchange for 38,238 new Ordinary Shares to be admitted to trading on AIM ('Admission').  It is expected that Admission will become effective on or around 2 December 2020. 

As a result of the issue of the new Ordinary Shares as described above, the issued share capital of the Company now consists of 1,646,691 ordinary shares of no-par value and this number will represent the total voting rights in the Company and may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company.

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      

+ 44 (0) 203 470 0470

 

Dealings by Persons Discharging Managerial Responsibilities

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

1)      Jay Viera

2)      Kyle Appleby

3)      Marrelli Support Services Inc.

2

 

Reason for the notification

 

a)

 

Position/status

1)      Non-executive Chairman

2)      Non-executive Director

3)      Provider of financial services to the Company

b)

 

Initial notification /Amendment

 Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

 

Name

 URU Metals Limited

b)

 

LEI

  

213800ZPHWT9VE1H1Q84

4

 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

 

Description of the financial instrument, type of instrument

Depositary interests of no par value each

Identification code

ISIN: VGG930042012

b)

 

Nature of the transaction

 

  1. Issue of shares in lieu of cash fees due and payable
  2. Issue of shares in lieu of cash fees due and payable
  3. Issue of shares in lieu of cash fees due and payable

c)

 

Price(s) and volume(s)

 

 

Price(s)

Volume(s)

  1. 245 pence

9,388

  1. 245 pence

9,388

  1. 245 pence

14,082

 

 

 

d)

 

Aggregated information

Price(s)

Volume(s)

  1. 245 pence

9,388

  1. 245 pence

9,388

  1. 245 pence

14,082

- Aggregated volume

Single transactions as above

- Price

245 pence

e)

 

Date of the transaction

26 November 2020

f)

 

Place of the transaction

Outside a trading venue