LONDON - URU Metals Limited has announced the extension of the maturity date for its convertible loan with Boothbay Absolute Return Strategies LP to May 31, 2025. The agreement also includes a stipulation preventing Boothbay from converting the loan into ordinary shares of the company before March 1, 2025.
Originally disclosed on May 6, 2020, the terms of the convertible loan note have been modified several times through mutual agreement between URU Metals and Boothbay. As of December 31, 2024, Boothbay had lent URU Metals a total of $500,000.
The loan is set to convert at a 35% discount to the volume-weighted average price (VWAP) of the company’s shares under several potential scenarios. These include a conversion notice by the note holder, the completion of an equity fundraising by the company, a share sale that changes control of the company, or absent these events, at a 35% discount to the VWAP in the five trading days before the loan’s maturity date.
Additionally, if Boothbay converts the loan into shares, it will receive one warrant for each new ordinary share issued. These warrants will have an 18-month exercise period from the date of grant and will be exercisable at £0.85 per new ordinary share.
The extension of the convertible loan’s maturity date is considered inside information under the Market Abuse Regulation (EU) 596/2014, which is part of UK law following the European Union (Withdrawal) Act 2018. URU Metals has made this information public in compliance with its disclosure obligations.
This article is based on a press release statement from URU Metals Limited.
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