ECR Minerals plc Receipt of Fourth Non-Refundable Deposit
May 23 2017 - 1:00AM
UK Regulatory
TIDMECR
AIM: ECR
US OTC: MTGDY
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
RECEIPT OF FOURTH NON-REFUNDABLE DEPOSIT
LONDON: 23 MAY 2017 - Further to the announcements dated 27
February 2017 and 15 May 2017 in respect of the Subscription to
raise gross proceeds of GBP553,564 (the "Subscription
Announcements"), the directors of ECR Minerals plc announce that
the Company has received the Further Deposit Amount of GBP50,000,
bringing the non-refundable deposit to GBP250,000 in aggregate (the
"Total Deposit Amount").
The Company has also received a contribution of GBP10,000 from
the Investor to cover the Company's legal and other costs and
expenses incurred in conjunction with the amendments to the
Subscription Agreement.
Capitalised terms used, but not otherwise defined in this
announcement shall have the same meanings as set out in the
Subscription Announcements.
In the event that the balance of the Gross Proceeds is remitted
to the Company by 31 May 2017, the Total Deposit Amount will be
treated as a payment on account and will be deducted from the Gross
Proceeds to be received by the Company. In the event that the Gross
Proceeds (less the Total Deposit Amount) are not received by 31 May
2017, the Total Deposit Amount will be converted into ordinary
shares in the Company at a price of 2 pence per share to be issued
(unless otherwise agreed by ECR) to the Investor (the "Deposit
Shares") and ECR, at its election, may either terminate the
Subscription Agreement or further extend the Receipt Date ("Further
Extension"). In the event of a Further Extension, the Investor will
be required to transmit the full amount of the Gross Proceeds (i.e.
the Total Deposit Amount will not be treated as an advance) to the
Company in order to complete the Subscription. The Deposit Shares
will not be subject to any lock-up arrangements.
Unless otherwise stated above, the key terms of the Subscription
remain as set out in the Subscription Announcement.
ABOUT ECR
ECR is a mineral exploration and development company. ECR's
wholly owned Australian subsidiary Mercator Gold Australia has 100%
ownership of the Avoca, Bailieston and Timor gold projects in
Victoria, Australia. ECR has earned a 25% interest in the Danglay
epithermal gold project, 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, Argentina. Exploration at SLM
has focused on identifying small tonnage mesothermal gold deposits
which may be suitable for relatively near term production.
Market Abuse Regulations (EU) No. 596/2014
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the
publication of this announcement via Regulatory Information Service
(RIS), this inside information is now considered to be in the
public domain.
FOR FURTHER INFORMATION, PLEASE CONTACT:
ECR Minerals plc Tel: +44 (0)20 7929 1010
William (Bill) Howell, Non-Executive Chairman
Craig Brown, Director & CEO
Ivor Jones, Director & COO
Email:
info@ecrminerals.com
Website: www.ecrminerals.com
Cairn Financial Advisers LLP Tel: +44 (0)20 7213 0880
Nominated Adviser
Emma Earl / Jo Turner
Optiva Securities Ltd Tel: +44 (0)203 137 1902
Broker
Graeme Dickson
FlowComms Tel: +44 (0)7891 677 441
Investor Relations
Sasha Sethi
Blytheweigh Tel: +44 (0)20 7138 3204
Public Relations
Tim Blythe / Camilla Horsfall / Nick Elwes
FORWARD LOOKING STATEMENTS
This announcement may include forward looking statements. Such
statements may be subject to numerous 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 because of new information,
future events or for any other reason.
View source version on businesswire.com:
http://www.businesswire.com/news/home/20170522006059/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
May 23, 2017 02:00 ET (06:00 GMT)
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