ECR MINERALS PLC: Warrant Exercise & Appointment of Joint Broker
January 25 2021 - 4:00AM
UK Regulatory
TIDMECR
25 January 2021
ECR MINERALS PLC
("ECR Minerals", "ECR" or the "Company")
WARRANT EXERCISE
&
APPOINTMENT OF JOINT BROKER
ECR Minerals plc (LON: ECR), the gold exploration and
development company focussed on Australia, is pleased to announce
an update confirming a significant warrant exercise, the current
financial position of the Company and the appointment of a joint
broker.
Exercise of Warrants ("Warrant Shares")
ECR has received notice to exercise warrants over 55,856,391 new
ordinary shares in the Company ("Warrant Shares"). Of this number,
55,356,391 new ordinary shares are being issued pursuant to the
exercise of warrants at 2p per share, and 500,000 new ordinary
shares pursuant to the exercise of warrants at 1.125p per share.
Aggregate subscription monies of GBP1,112.752.82 have been received
by ECR in respect of the exercise of these warrants.
Company Financial Position
Following receipt of the above warrant monies ECR now has cash
balances of c.GBP4 million and is therefore, in the Board's view,
in an exceptionally strong financial position.
This strength of the Company's financial position enables ECR to
comfortably continue to embark on its previously announced
exploration programmes with confidence.
With our own in-house drilling capability we are planning to
undertake extensive drill programmes across our Victoria Goldfields
interests.
Appointment of Joint Broker
ECR is pleased to announce that it has appointed Novum
Securities ("Novum") as a joint broker with immediate effect. With
the current cash position ECR currently has no intention of
carrying out a placing.
Novum are to undertake broker research on ECR Minerals plc, with
a particular focus on enhancing market awareness of the Company,
notably in the institutional investor community.
Admission of Shares
Admission of the Warrant Shares to trading on AIM is expected to
occur on or around 28 January 2021 ("Admission"). Upon Admission,
ECR's issued ordinary share capital will comprise 749,333,993
ordinary shares of 0.001p. This number will represent the total
voting rights in the Company, and, following admission of the
Warrant Shares, may be used by shareholders as the denominator for
the calculation by which they can determine if they are required to
notify their interest in, or a change to their interest in, the
Company under the Financial Conduct Authority's Disclosure and
Transparency Rules. The Warrant Shares will rank pari passu in all
respects with the ordinary shares of the Company currently traded
on AIM.
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
David Tang, Non-Executive Chairman
Craig Brown, Director & CEO
Email:
info@ecrminerals.com
Website: www.ecrminerals.com
WH Ireland Ltd Tel: +44 (0)161 832 2174
Nominated Adviser
Katy Mitchell/James Sinclair-Ford
SI Capital Ltd Tel: +44 (0)1483 413500
Broker
Nick Emerson
ABOUT ECR MINERALS PLC
ECR is a mineral exploration and development company. ECR's
wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd
has 100% ownership of the Bailieston and Creswick gold projects in
central Victoria, Australia. ECR is currently drilling high
priority targets on the Bailieston gold project using the Company's
own diamond drill rig. ECR has an experienced exploration team with
significant local knowledge in the Victoria Goldfields.
Following the sale of the Avoca, Moormbool and Timor gold
projects in Victoria, Australia to Fosterville South Exploration
Ltd (TSX-V: FSX), ECR has the right to receive up to A$2 million in
payments subject to future resource estimation or production at
those projects.
ECR has earned a 25% interest in the Danglay gold project, an
advanced exploration project located in a prolific gold and copper
mining district in the north of the Philippines, and holds a
royalty on the SLM gold project in La Rioja Province,
Argentina.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20210125005304/en/
CONTACT:
ECR Minerals plc
SOURCE: ECR Minerals plc
Copyright Business Wire 2021
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