30th Oct 2015 17:19
LONDON (Alliance News) - URU Metals Ltd Friday said it has raised GBP400,000 through the placing of 100 million shares at 0.4 pence each.
Shares in URU Metals closed down 21.8% at 0.430 pence on Friday.
The funds will be used to further the exploration programme involving drilling and metallurgy for the Zebediela Nickel Project in South Africa, as well as for general working capital purposes.
Drilling is expected to start at the end of November and results expected by the end of January 2016.
"I am absolutely delighted to be able to say that we can now fast track the proposed drilling at Zebediela," Chairman David Subotic said in a statement.
Subotic bought 5 million shares, increasing his total holding to 10.4 million shares representing 3.1% of the company's issued share capital.
Chief Executive John Zorbas also bought 5 million shares, taking his direct holding to 11.7 million shares representing 3.6% of the company's issued share capital. He also has an indirect holding of 70.4 million shares, representing 21.4% of the company's issued share capital.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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