Keyword results: escrow

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URU – Is Reality Starting to Bite? Not Enough!

I noted the other day that AIM-listed John Zorbas vehicle URU Metals (URU) seemed to be an accident waiting to happen. With a boat-load of death spiral shares and warrants to come at 85p against a then share price of 405p, that was surely enough of a Red Flag, but with its main asset now held in TSXV-listed ZEB Nickel (ZBNI) following a “disposal” which was not really a disposal, whose shares (of which URU holds 41 million of, but mostly held in escrow) and ZEB’s shares sliding alarmingly since the suspension was lifted, the Red Flags were certainly fluttering wildly in the wind.

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URU
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John Zorbas Vehicle URU Metals – Where Are We Now? Do the Maths……

It has been a busy few weeks for AIM-listed John Zorbas vehicle URU Metals (URU). The “sale” of its Zebediela nickel project in South Africa to Toronto Venture Exchange listed (lack-of) cash shell Blue Rhino (RHNO), now renamed ZEB Nickel (ZBNI) has completed, with Zeb having raised some cash along the way. But it seems that the Toronto market is less than impressed.

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New World Oil & Gas - $4.8million from Niel Petroleum. Is it a loan? Is it an investment? Is it a fee? No, apparently it’s a gift!!!!

If you thought that sending €1million to a man you hadn’t completed due diligence on, in the hope of receiving $20million, was the height of stupidity, you’d be wrong. Taking €1million out of an escrow account, set up expressly for a deal that has failed to close after more than a year’s worth of delays, to pay said amount to said man, in the hope of receiving $20million, is probably a good deal more stupid. Yet this is exactly what New World Oil & Gas’ (NEW) $1.75million a year board of directors did, at some point between the middle of May and end of June this year. Unless Niel Petroleum has taken leave of its senses and given, as a gift, this money to New World, this spells big trouble if Dr Alfahaid doesn’t soon make good on the $20million he was meant to have paid by August 8th.

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