ECR Minerals plc Issue of Equity
May 11 2016 - 7:50AM
UK Regulatory
TIDMECR
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
AIM: ECR
US OTC: MTGDY
ISSUE OF EQUITY
LONDON: 11 MAY 2016 - ECR Minerals plc announces the issue and
allotment of 415,402,731 new ordinary shares of 0.001 pence each in
the Company ("Ordinary Shares") as follows:
i) 61,163,435 new Ordinary Shares at a price of 0.0225625 pence
per share in settlement of consulting fees payable by the Company
totalling GBP13,800 ("Fee Shares");
ii) 348,510,371 new Ordinary Shares at a price of 0.0198875
pence per share pursuant to the conversion of US$100,000 of
outstanding principal amount under the Company's convertible loan
facility (the "Facility") with YA Global Master SPV Ltd ("YA
Global").
Accordingly, the outstanding principal amount under the Facility
(following the scheduled loan draw downs on 1 April 2016 and 2 May
2016 as announced on 11 March 2016) will be reduced by US$100,000,
leaving a total of US$300,000 in principal amount outstanding under
the Facility (not including a further amount of US$100,000 expected
to be drawn down on or about 1 June 2016).
A further 5,728,925 new Ordinary Shares are to be issued and
allotted to YA Global at a price of 0.0198875 pence per share in
settlement of accrued interest, therefore, in total 354,239,296 new
Ordinary shares will be issued to YA Global in respect to the
Facility ("YA Global Shares")
Pursuant to this announcement, applications have been made for
415,402,731 new Ordinary Shares of the Company to be admitted to
trading on AIM. Admission in respect to the YA Global Shares is
expected to occur on or around 16 May 2016 with admission in
respect to the Fee Shares expected to occur on or around 17 May
2016 ("Admission").
Following Admission, it is expected that ECR's issued ordinary
share capital will consist of 8,488,066,586 Ordinary Shares. The
new Ordinary Shares will rank pari passu in all respects with the
Ordinary Shares of the Company currently traded on AIM.
ABOUT ECR
ECR is a mineral exploration and development company with the
right to earn a 50% interest in the Danglay epithermal gold project
in the Philippines. Danglay is an advanced exploration project
located in a prolific gold and copper mining district in the north
of the Philippines. An NI43-101 technical report was completed in
respect of the Danglay project in December 2015, and is available
for download from ECR's website.
ECR's wholly owned subsidiary Ochre Mining has a 100% interest
in the SLM gold project in La Rioja Province, Argentina.
Exploration at SLM has focused on identifying small tonnage
mesothermal gold deposits which may be suitable for relatively near
term production.
ECR's wholly owned Australian subsidiary Mercator Gold Australia
(MGA) has agreed to acquire 100% ownership of the Avoca and
Bailieston gold projects in Victoria, Australia. Mercator Gold
Australia is estimated to have tax losses of approximately AUD 66M
as at 30 June 2015, which may be available, subject to certain
conditions (as described in ECR's announcement dated 4 December
2014), to reduce MGA's future taxable profits. This is considered
particularly significant in view of an opportunity which may exist
at Avoca to establish relatively near term gold production from the
reprocessing of historical mine dumps, with the potential for sale
of gravel and sand by-products.
FOR FURTHER INFORMATION PLEASE CONTACT:
ECR Minerals plc Tel: +44 (0)20 7929 1010
William (Bill) Howell,
Non-Executive Chairman
Stephen Clayson, Director & CEO
Craig Brown, Finance Director
Richard (Dick) Watts, Non-Executive
Technical Director
Email: info@ecrminerals.com
Website: www.ecrminerals.com
Cairn Financial Advisers LLP Tel: +44 (0)20 7148 7900
Nominated Adviser
Emma Earl / Jo Turner
Vicarage Capital Ltd Tel: +44 (0)20 3651 2910
Broker
Rupert Williams / Jeremy Woodgate
Blytheweigh Tel: +44 (0)20 7138 3204
Public Relations
Tim Blythe / Camilla Horsfall
FORWARD LOOKING STATEMENTS
This announcement may include forward looking statements. Such
statements may be subject to a number of known and unknown risks,
uncertainties and other factors that could cause actual results or
events to differ materially from current expectations. There can be
no assurance that such statements will prove to be accurate and
therefore actual results and future events could differ materially
from those anticipated in such statements. Accordingly, readers
should not place undue reliance on forward looking statements. Any
forward looking statements contained herein speak only as of the
date hereof (unless stated otherwise) and, except as may be
required by applicable laws or regulations (including the AIM Rules
for Companies), the Company disclaims any obligation to update or
modify such forward looking statements as a result of new
information, future events or for any other reason.
View source version on businesswire.com:
http://www.businesswire.com/news/home/20160511005826/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
May 11, 2016 08:50 ET (12:50 GMT)
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