7th Nov 2018 18:00
LONDON (Alliance News) -URA Holdings PLC said Wednesday the UK HM Revenue & Customs has granted enterprise investment scheme approval to the company as part of its reverse takeover of Entertainment AI Ltd.
URA said its venture capital trust scheme approval will be considered when investing venture capital trust funds have been identified.
URA was known as Uranium Resources PLC before becoming a cash shell last December. It is looking to acquire Entertainment AI but has thus far been unable to do so despite having recently signed a heads of terms.
Entertainment AI was formed to buy media firms Tagasauris Inc and GTChannel Inc in an all-share deal.
Shares in URA Holdings are suspended, but last closed at 0.42 pence each.
URA shares will remain suspended from AIM until it completes the deal, and it has until December 20 before its shares would be cancelled from the London market completely.