https://www.engineeringnews.co.za

URU completes full acquisition of UML to secure Zebediela nickel play

Uranium

Uranium

Photo by Bloomberg

11th April 2014

By: Natalie Greve

Creamer Media Contributing Editor Online

  

Font size: - +

JOHANNESBURG (miningweekly.com) – After initially acquiring a 49% interest in Umnex Minerals Limpopo (UML), base metals and uranium explorer URU Metals has completed the full acquisition of the group, making URU the new 100% owner of the 1.5-billion-tonne Zebediela nickel project, in South Africa.   

URU explained in a statement on Friday that the first tranche of 16.5-million new URU shares to the UML vendors would be issued shortly and be free from trading restrictions.

The shares would, thereafter, be admitted to trading on London's Aim.

URU said, following the acquisition of the balance of UML shares, it had written to Mineral Resources Minister Susan Shabangu to obtain consent for the change of control, after which it would issue the second tranche of consideration shares to the UML vendors, comprising a further 16.6-million new shares.

The deferred consideration shares would, once issued, be subject to a lock-in agreement under which 3.3-million shares would be released from lock-in at quarterly intervals.

It was expected that the admission would become effective and that trading in the new shares would start on, or around, April 17.

Following admission, the company's enlarged issued share capital would comprise 149-million ordinary shares.

Edited by Tracy Hancock
Creamer Media Contributing Editor

Comments

Showroom

Yale Lifting Solutions
Yale Lifting Solutions

Yale Lifting Solutions is a leading supplier of lifting and material handling equipment in Southern Africa. Yale offers a wide range of quality...

VISIT SHOWROOM 
ESAB showroom image
ESAB South Africa

ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.115 0.176s - 156pq - 2rq
Subscribe Now