URU raises £300 000 to accelerate activities at South African nickel project
Aim-listed URU Metals has raised £300 000 before expenses through a placing of ten-million new ordinary shares of no nominal value each in the capital of the company at a price of 3p a share.
The placing was arranged by financial services firm Axis Capital Markets.
URU says the directors have undertaken the placing to facilitate and accelerate activities at the Zebediela nickel project, in Limpopo.
The company says these funds will be used for geophysical interpretation to assist with targeting higher-grade targets within Zone 1 and Zone 2, and possibly identify sulphide targets at Zone 3; reinterpretation of historic drilling results; establishing the ground work for a maiden National Instrument 43-101-compliant resource; improving the overall grade on the historical nickel resource by targeting the geological units where there are higher nickel grades at the base of Zone 1 and within Zone 2; and continuing progress towards mining rights being awarded.
URU says Axis has subscribed for the shares on behalf of its clients. URU has appointed Axis as joint broker to the company with immediate effect.
"As things begin to pick up at the Zebediela project, we are pleased to announce a partnership with Axis as these funds are pivotal in accelerating our ongoing work programme. We look forward to updating the market on several fronts in the near term,” says CEO John Zorbas.
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