Uranium Resources (LON:URA) – CORP: FY16 results
Market Cap: £2m; Current Price: 0.28p
From yesterday: LBT tax widens due to impairment of exploration projects
LBT increased to US$15.4m in FY16, up from US$0.4m in FY15, largely as a result of a US$14.9m impairment of the Company’s exploration assets.
Net debt increased to US$2m in FY16, up from US$1.7m in FY15.
NORTHLAND CAPITAL PARTNERS VIEW: Uranium Resources continues to refine its plans for an extensive in-fill and step-out drilling programme at the Mtonya Project, which will be implemented when the Company has sufficient funds. Some of the Company's licences will reach the end of their term within 12 months of the date of the group financial statements, including the main Mtonya licence. While license renewal, extension, or conversion has been or will be applied for, the outcome cannot be guaranteed. The Company remains committed to developing Mtonya but also continues to identify and assess new opportunities.
URU Metals Ltd (LON:URU) – CORP: Placing
Market Cap: £1.8m; Current Price: 0.55p
Raises £640,000 at 0.4p per share
URU Metals has raised £640,000 through the placing of 160m shares at 0.4p per share.
Niketo Co.Ltd, which holds 21.4% of the Company's issued share capital, has subscribed for 20m shares.
In addition to the Placing, the Board has been advised that two Directors of the Company; David Subotic and John Zorbas, intend to subscribe for 12.5m shares on the same terms as the placing.
NORTHLAND CAPITAL PARTNERS VIEW: URU Metals plans to use these funds to advance its work programme at the Zebediela Nickel Project, located in South Africa. The work programme includes drill testing potential extensions and infill drilling, metallurgical studies and completion of an updated mineral resource estimate of the nickel and magnetite mineralisation. This work will feed into a Preliminary Economic Assessment for the project.