Kerman & Co’s AIM client, URU Metals, completes successful fundraise to develop projects
May 16, 2014
Kerman & Co have advised URU Metals Limited (“URU”) on the successful fundraise of approximately £815,000 from institutional and private investors.
The placing of 54,333,334 New Ordinary Shares of US$0.01 each was undertaken at a price of 1.5 pence per share to raise approximately £815,000 of gross proceeds (the “Placing”).
The Net proceeds from the Placing will be used by the Company to progress its recently acquired nickel project in South Africa and for general working capital purposes
Commenting on the fund raising, David Subotic, Chairman of URU Metals said: “We believe that the Zebediela nickel project in South Africa is unique, both in size and geology. Once developed and at the current nickel prices, Zebediela has the potential to become one of the world’s top nickel projects. We are delighted to announce the successful fundraising, it proves that there is still appetite in the market for small companies with quality assets. We look forward to updating the market on our progress.”
Kerman & Co recently advised URU on the completion of the purchase of the Zebediela Project.
Michael Corcoran (Partner), lead the Kerman & Co corporate team supported by David Tink (Solicitor).