2nd May 2014 11:44
LONDON (Alliance News) - URU Metals Ltd Friday said it has raised gross proceeds of approximately GBP815,000 in a share placing with institutional and private investors, which it said it will use to progress its Zebediela Nickel Project in South Africa and for general working capital purposes.
The company issued 54.3 million in the placing, at 1.50 pence per share. The new shares to be issued from the placing are equivalent to approximately 36% of the company's existing issued share capital.
URU Metals shares were trading 3.9% higher Friday morning at 1.74 pence.
The base metals and uranium explorer and development company said the net proceeds from the placing will be used to progress its disseminated nickel project in South Africa, which it claims has the potential to become "one of the world's top 10 nickel producers," and for general working capital purposes.
The placing was conducted by Beaufort Securities.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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