Uru Closes Oversubscribed Placing
URU Metals Limited successfully closed an oversubscribed placing, raising £1.1 million before expenses, following the grant of its mining licence by the South African Department of Minerals and Petroleum Resources. The company issued 15,714,285 new ordinary shares at 7p each. These funds will finance critical on-the-ground geophysics and prepare for a drilling programme expected to commence in Q1 2026. The new shares will rank pari passu with existing ones, with admission to trading anticipated around 7 November 2025. Post-admission, the company's total issued share capital will be 96,963,703 Ordinary Shares, reflecting increased investor interest and enabling significant operational advancement.
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URU Metals Limited is pleased to announce that following the successful granting of the mining licence by the South African Department of Minerals and Petroleum Resources (DMPR), the Company has raised £1.1 million, before expenses, through a placing of 15,714,285 new ordinary shares of no nominal value each in the capital of the Company (the 'Placing Shares') at a price of 7p per share. The Placing was arranged by the Company's broker, Axis Capital Markets Limited.
The funds raised will allow URU to begin critical, on the groundwork, such as ground geophysics, which will give a clearer picture of the geological site and form a crucial part of the preparation for a drilling programme that will commence on completion of the geophysics. Following receipt of the placing proceeds, the Company will begin a tender process to find a drilling contractor for work that is expected to start in Q1 2026.
Admission and Dealing of the Shares
The Placing Shares will be issued as fully paid and rank pari passu in all respects with the existing ordinary shares of the Company, including the right to receive dividends and other distributions declared on or after the date on which they are issued.
Application will be made to the London Stock Exchange for the Placing Shares to be admitted to trading at 8:00 a.m. on or around 7 November 2025.
Total Voting Rights
Following admission of the Placing Shares, the Company's issued share capital will be 96,963,703 Ordinary Shares. This figure of 96,963,703 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the share capital of the Company.
John Zorbas, Chief Executive Officer commenting: "After the successful granting of the long awaited mining licence by the DMPR, we are pleased to have secured the funding requirements for the immediate future of the on the ground operations at our flagship Zeb Nickel Project. The amount available to the Company is significantly above what the Company has previously raised, reflecting increased investor interest at this critical time in URU's development.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.