ECR MINERALS PLC: Equity Placing to Raise GBP900,000
December 12 2022 - 5:08AM
UK Regulatory
TIDMECR
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT
FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018 ("MAR"), AND IS DISCLOSED IN ACCORDANCE WITH
THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF MAR. IN ADDITION,
MARKET SOUNDINGS (AS DEFINED IN MAR) WERE TAKEN IN RESPECT OF THE
MATTERS CONTAINED IN THIS ANNOUNCEMENT, WITH THE RESULT THAT
CERTAIN PERSONS BECAME AWARE OF SUCH INSIDE INFORMATION AS
PERMITTED BY MAR. THAT INSIDE INFORMATION IS SET OUT IN THIS
ANNOUNCEMENT AND HAS BEEN DISCLOSED AS SOON AS POSSIBLE IN
ACCORDANCE WITH PARAGRAPH 7 OF ARTICLE 17 OF MAR. UPON THE
PUBLICATION OF THIS ANNOUNCEMENT, THE INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL
THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION IN
RELATION TO THE COMPANY AND ITS SECURITIES
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
Equity Placing to Raise GBP900,000
ECR Minerals plc (LON: ECR), the exploration and development
company focused on gold in Australia, is pleased to announce that
the Company has today raised GBP900,000 by way of a placing and
direct subscription.
SI Capital Limited has today placed on behalf of the Company
66,666,653 new ordinary shares in the Company ("Placing Shares") at
a price of 0.9 pence per share to raise gross proceeds of
c.GBP600,000 (the "Placing"), subject only to Admission; and the
Company has also raised a further cGBP300,000 by way of the issue
of 33,333,333 new ordinary shares ("Subscription Shares") at a
price of 0.9p per share, subject only to receipt of the funds and
Admission.
Both the Placing Shares and the Subscription Shares were also
accompanied by the issue of one warrant to subscribe for one
ordinary share in the Company for each new share issued (the "New
Warrants"). When issued, the New Warrants will be exercisable at
any time, for a period of 2 years from the date of admission of the
Placing Shares and the Subscription Shares (as applicable) at an
exercise price of 1.5p each.
The monies raised in this fundraise will be used by the Company
as follows:
Victoria assets:
-- Progress work on the Blue Moon project and other Bailieston assets.
-- Progress work on the Creswick project following the results of the
re-assay of diamond drill core announced recently.
-- Commence initial studies at the Tambo project.
North Queensland assets:
-- Progress work on the Lolworth Project, where an extensive sampling
campaign has recently been completed.
-- Progress work at the Hurricane Project following the recent announcement
of a conditional option to acquire 100% of Placer Gold, owner of the
Hurricane Project located west of Cairns in the Hodgkinson Province, NE
Queensland.
And for general working capital
Application will be made for the Placing Shares and the
Subscription Shares to be admitted to trading on AIM ("Admission")
and it is expected that Admission will become effective on or
around 19 December 2022. The Placing Shares and the Subscription
Shares will rank pari passu with the existing ordinary shares. Upon
Admission, ECR's issued ordinary share capital will comprise
1,167,737,145 ordinary shares of 0.001p. This number will represent
the total voting rights in the Company, and, following admission
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.
ECR CEO Andrew Haythorpe commented: "I am delighted to announce
that we have received strong support from new and existing
investors following my recent visit to London to attend the 121
Mining Investment and Mines and Money events. As outlined above,
the funds raised will be used to progress our projects at Victoria
and Queensland and also to explore new opportunities."
"I look forward to reporting further progress on our project
portfolio very shortly."
FOR FURTHER INFORMATION, PLEASE CONTACT:
ECR Minerals plc Tel: +44 (0) 20 7929 1010
David Tang, Non-Executive Chairman
Andrew Haythorpe, CEO
Email:
info@ecrminerals.com
Website: www.ecrminerals.com
WH Ireland Ltd Tel: +44 (0) 207 220 1666
Nominated Adviser
Katy Mitchell / Andrew de Andrade
SI Capital Ltd Tel: +44 (0) 1483 413500
Broker
Nick Emerson
Novum Securities Limited Tel: +44 (0) 20 7399 9425
Broker
Jon Belliss
Brand Communications Tel: +44 (0) 7976 431608
Public & Investor Relations
Alan Green
ABOUT ECR MINERALS PLC
ECR Minerals is a mineral exploration and development company.
ECR's wholly owned Australian subsidiary Mercator Gold Australia
Pty Ltd ("MGA") has 100% ownership of the Bailieston and Creswick
gold projects in central Victoria, Australia, has six licence
applications outstanding which includes one licence application
lodged in eastern Victoria. (Tambo gold project). MGA is currently
drilling at the Bailieston Blue Moon Project (EL5433) and
undertaking geochemical exploration on the Creswick (EL6148)
project and has an experienced exploration team with significant
local knowledge in the Victoria Goldfields and wider region.
ECR also owns 100% of an Australian subsidiary LUX Exploration
Pty Ltd ("LUX") which has three approved exploration permits
covering 946 km(2) over a relatively unexplored area in Queensland,
Australia.
Following the sale of the Avoca, Moormbool and Timor gold
projects in Victoria, Australia to Fosterville South Exploration
Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor
projects to Leviathan Gold Ltd (TSX-V: LVX), Mercator Gold
Australia Pty Limited has the right to receive up to A$2 million in
payments subject to future resource estimation or production from
projects sold to Fosterville South Exploration Limited.
ECR holds a 70% 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, which has a 43-101
compliant resource. ECR also holds a royalty on the SLM gold
project in La Rioja Province, Argentina and can potentially receive
up to US$2.7 million in aggregate across all licences
View source version on businesswire.com:
https://www.businesswire.com/news/home/20221212005409/en/
CONTACT:
ECR Minerals plc
SOURCE: ECR Minerals plc
Copyright Business Wire 2022
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