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URU Metals exits UrAmerica.

MANews-(C)2009-2013

5 April 2013 a[euro]" South African metals exploration and development company URU Metals Ltd (LON:URU) said it had sold its entire interest of some 7.36% in UrAmerica Plc to Channel Islands-based Huntress (CI) Nominees Ltd for GBP200,000 (USD305,000/EUR236,000).

The stake consisted of some 4.4m shares in UrAmerica, which engages in uranium exploration in Argentina. URU Metals had bought the interest in 2008.

The holding no longer constitutes a core part of URU Metals' portfolio, URU Metals' CEO, Roger Lemaitre, said, commenting on the offload.

The funds raised from the sale will be channelled towards URU Metals' drilling programme at Nueltin, Canada, which is seen to return value to stockholders in the medium to long term, the CEO added.Country: UKSector: Metals/MiningTarget: UrAmerica PlcBuyer: Huntress (CI) Nominees Ltd Vendor: URU Metals LtdDeal size in USD: 305,000Type: DivestmentStatus: Closed

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Publication:M & A Navigator
Date:Apr 5, 2013
Words:150
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