AIM listed URU Metals (URU), run by John Zorbas, released
its full year results to March 2026 at the last possible moment: 4.12pm on
deadline day, Wednesday September 30th. As Tom Winnifrith oft
states, good news travels fast….and URU’s news was definitely not good!
John Zorbas’ AIM-listed URU Metals (URU) has traditionally featured in our ShareProphets Christmas Sweepstakes by slipping out bad news (ie results) on Christmas Eve. This year the company went early, serving up interim results to September this morning. As ever, the numbers are a red-flag-infested dog’s breakfast.
Tom Winnifrith highlighted the other day that he smelt a rat at AIM-listed POS URU Metals (URU) in relation to the issue of 12 million shares to “prominent institutional investor” Axis Capital Markets, noting that no TR1 had followed, despite this representing just over 20% of the equity. He also noted that a quarterly shareholder analysis was due…..and it has now arrived.
Of course you do, this is a perma-dog, regularly exposed as such by the deputy Sheriff of AIM, Mr. Nigel Somerville but today I want you to consider a few matters.
On August 21st AIM-listed URU Metals (URU) announced with great excitement that it had been given Environmental Authorisation for its Zeb Nickel project in South Africa. Great news – and the shares steamed higher. There is, however, a small problem…..Well, actually, a gargantuan problem.
As Nigel Somerville has reminded you numerous times John Zorbas run (a red flag in itself) Uru Metals (URU) is utterly worthless and shares in the company have collapsed from more than five quid to just 50p as the Deputy Sheriff has posted his numerous warnings. Today we have another RNS signed off by disgraced Nomad SP Angel which makes no sense at all.
AIM-listed and technically insolvent John Zorbas vehicle URU Metals (URU) has announced that its death spiral funder, Boothbay, had yet again extended the repayment deadline. This has been a repeating exercise ever since the original loan deal was signed back in 2020 and the loan has since been extended more times than I’ve had hot dinners. But there were two differences this time…..
AIM-listed URU Metals (URU) slipped out interims at no-one-is-watching o’clock (6:05 pm) last night during no-one-is-watching week. Even worse, the RNS did not contain the numbers – instead a link was provided. What was it hiding? Dire numbers, natch!
I haven’t commented on AIM–listed URU Metals (URU) for some time but I see that its shares have halved since August. What on earth might be the matter?
Oh dear, oh dear. Uru Metals (URU) – as Nigel has pointed out is technically bust. By now net current assets will be cMINUS $2.25 million while cash will be down to just a few hundred thousand dollars. Its supporters flag up that it owns 78% of TSX-V listed Zeb Minerals. Today URU flags up two bits of news from Zeb without going into detail. I bet you cannot guess why? First up Zeb has been caught lying or, as Uru puts it, it has “issued a clarifying press release”
On Tuesday at 1pm, AIM-listed URU Metals (URU) – the John Zorbas vehicle which is technically insolvent, has no income and thus far has three listings to pay for – announced to great fanfare that a new airborne survey is to be conducted at the Zeb project in South Africa. But how can it pay?
John Zorbas’ AIM-listed URU Metals (URU) this morning finally got around to releasing results to March 2022 (!) and Interims to September 2022 this morning. Both were late, which is why the shares were suspended at the start of the year. The numbers are, of course, dreadful – but the shares remained suspended for a few more hours because the Company had not managed to publish either set of results on its website! What a shambles.
Yesterday afternoon, at 3.41pm (no-one-is-watching o’clock on the penultimate trading day before Christmas) AIM-listed John Zorbas vehicle URU Metals (URU) announced that its shares would be suspended as from 3 January 2023 as it is still unable to produce its accounts, even after a three-month extension. The announcement, if you read between the lines, was utterly grim.
AIM-listed John Zorbas vehicle URU Metals (URU) has announced yet another roll-over of the particularly advantageous 85p conversion terms on its $500,000 death spiral funding from Boothbay Absolute Return Strategies LP. With the shares currently at 350p in the middle, this is a licence to print money. The giveaway terms are now open to Boothbay until 31 May 2023.
Shares in Aim-listed URU Metals (URU) have been on the rise and this morning the company issued an RNS regarding drilling news from 74.8% majority-owned ZEB Nickel, listed in Toronto (ZBNI) regarding the Zebediela Nickel project in South Africa. The RNS is, natch, very positive but I wonder if it really is.
Tom Winnifrith covered yesterday morning’s non-news of AIM-listed URU Metals’ (URU) proposed listing of majority-owned Toronto-listed subsidiary ZEB Nickel on the joke US OTCQB market. The shares rocketed from 170p to 210p on the news, a 23.5% gain. But the bald truth is that we are talking about a joke market with little liquidity and in any case, I would have thought your average US punter would manage to get access to the Toronto Venture exchange without having to deal with a tin-pot middle man.
Luckily those attracted to owning shares in joke John Zorbas company URU Metals (URU) have the collective IQ of a cheese sandwich so they fell for the spoof. But spoof it is. As Nigel pointed out when Uru snuck out dire results on New Year’s Eve, Uru is almost certainly running on vapours with a death spiral to convert outstanding debt kicking in at 85p. Thus, a share price of 200p (up 17% on the spoof) is insane.
