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Highlights

  • £300,000 raised through a share placement at 3p per share.

  • Funds to be used for geophysical interpretation, historical drilling analysis, and resource development.

  • Axis Capital Markets appointed as joint broker to URU Metals.

URU Metals (/LSE:URU) has successfully raised £300,000 through a share placement to accelerate exploration and development activities at its Zebediela Nickel Project. The placement, arranged by Axis Capital Markets Limited, involved the issuance of 10 million new ordinary shares at 3p per share.

Use of Funds: Strengthening Resource Development

The funds will be allocated to critical exploration and resource definition efforts, including:

  • Geophysical Interpretation: Identifying higher-grade nickel targets in Zone 1 and Zone 2, and assessing potential sulphide mineralization in Zone 3.

  • Reinterpretation of Historical Drilling Data: Utilizing past exploration results to refine target areas.

  • Resource Estimation: Establishing groundwork for a NI 43-101 compliant maiden resource.

  • Grade Enhancement: Focusing on geological units with higher nickel concentrations to improve overall resource quality.

  • Mining Rights Progression: Advancing efforts to secure mining rights for the project.

Axis Capital Markets Appointed as Joint Broker

Following the placement, URU Metals has appointed Axis Capital Markets as a joint broker, enhancing its market presence and facilitating future capital-raising initiatives.