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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

  

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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

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