URU Metals raises £640,000 at 0.4p/share

URU Metals has raised £640,000 from institutional and other investors through a placing of 160m new shares at 0.4p each.

Placing proceeds will be applied to progress the work programme for the Company's Zebediela Nickel Project including drill testing potential extensions of the nickel mineralisation, infill drilling, metallurgical studies and the completion of an updated mineral resource estimate.

The scope of work is to increase the confidence on the potential magnetite resource which has been identified in the oxide and sulphide zones of the orebody.

Confirmatory drilling, combined with metallurgical test work on new and existing drill holes, is intended to generate sufficient data to update the existing Preliminary Economic Assessment to produce an updated high level project IRR and NPV, as well as a revised project plan.