Increase and Extension of Convertible Loan Note

26  May 2021

URU  Metals Limited

("URU" or "the Company")

Increase and Extension of Convertible Loan Note

URU is pleased to announce that the Company has agreed with Boothbay Absolute Return Strategies LP to increase the amount of the convertible loan note, as first announced on 6 May 2020, ("Loan Note") from US$250,000 to US$500,000. In addition, the notice period relating to the Loan Note will be extended up until 31 May 2022 with effect from 31 May 2021.  All other terms related to the Loan Note remain the same. The key terms of the Loan Note are as follows:

(i)        conversion price is a 35 per cent. discount to the Volume Weighted Average Price ("VWAP") per share in the 5 trading days prior to the noteholder serving a conversion notice);

(ii)         a voluntary conversion price triggered on the noteholder serving a conversion notice (being £0.85 per share for a period of 90 days from the date of the Loan Note and now from 90 days following from Amended Loan Note Instrument of 31 May 2021; and following expiry of the 90 day period, a 35 per cent. discount to the Volume Weighted Average Price ("VWAP") per share in the 5 trading days prior to the noteholder serving a conversion notice);

(ii)       on a fund raising, a 35 per cent. discount to the price per share paid by investors on the fund raising;

(iii)       on a share sale (meaning a sale of Ordinary Shares giving control of the Company, whether for cash and/or by way of exchange for shares in another company and/or for other consideration, and whether or not control of the Company changes as a result of such transaction), a 35 per cent. discount to the price per share paid on the share sale; or

(iii)        if there is no conversion notice served, fund raising or share sale prior to the maturity date, at a 35 percent. discount to the VWAP per share in the 5 trading days prior to the maturity date.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR. 

For further information, please contact:

URU Metals Limited

John Zorbas

(Chief Executive Officer)

 +1 416 504 3978

SP Angel Corporate Finance LLP

(Nominated Adviser and Broker)

Ewan Leggat / Charlie Bouverat

+ 44 (0) 203 470 0470