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URU Metals buys 8.8% stake in Management Resources Solutions

URU's CEO John Zorbas described MRS as “an exciting AIM listed business with a very impressive client list”.
Acquisition sign post
URU sees potential synergies in its relationship with MRS

Base metals and uranium explorer URU Metals Ltd (LON:URU) has taken an 8.79% stake in project management specialist Management Resources Solutions PLC (LON:MRS).

The company acquired the stake from SCOPN for £1.13mln. The consideration was satisfied through the issue of 25.17mln URU shares.

"We are delighted to have acquired this minority shareholding in MRS which we are making both for long term investment reasons and for the potential synergies we see between the two companies,” revealed John Zorbas, chief executive officer of URU.

“Based on the recent recovery in commodity prices and the resultant re-opening and/or expanding of mining operations in New South Wales, coupled with the continual demand for New South Wales coal from the Chinese market, we see this investment as having considerable upside potential,” he added.

Zorbas described MRS as “an exciting AIM listed business with a very impressive client list”.

“URU also looks forward to developing its relationship with MRS, especially as we seek to develop our South African projects, where we see opportunities to benefit from MRS's broad range of skills and expertise that directly support mining across every phase of the mining cycle," Zorbas added.

URU has also allotted 20mln new shares to Adam International Investments as a result of Adam exercising warrants at a penny a pop.

In all, the shares issued to SCOPN plus those issued to Adam International represent 5.85% of the enlarged issued share capital of URU.

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December 23 2016

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