ECR Minerals PLC Update on Drilling & Director Share Agreements (6797T)
November 16 2023 - 1:36AM
UK Regulatory
TIDMECR
RNS Number : 6797T
ECR Minerals PLC
16 November 2023
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
Update on drilling plans
Extension of Directors Share Agreements
ECR Minerals plc (LON: ECR), the exploration and development
company focused on gold in Australia, is pleased to announce its
intention to return to drilling in Victoria by the end of the year
alongside an extension of the directors' salary sacrifice
scheme.
Drilling plans
Since their arrival in September 2023, the new management team
of ECR have been examining the Company's properties, including
looking at ECR's own historic data as well as the results of
previous and current exploration activity in the locality.
Supported by professional advisers, the management team have
conducted a thorough review of all information available, alongside
an assessment of practical exploration objectives, in determining
the Company's forthcoming plans.
The Board as a whole has also been encouraged by the recent
activity in Victoria, particularly the drilling intercepts by ASX
listed Southern Cross Gold Ltd (ASX: SXG) at its Sunday Creek
project and the recommencement of exploration to the north of
Bendigo by ASX listed Falcon Metals Ltd. (ASX: FAL). With ECR's
infield work programme advancing into the progressive planning and
development phase, the Board considers that this is the right time
to re-evaluate ECR's gold assets at Creswick and Bailieston for the
Australian summer field season. Drilling permissions have been
approved by the relevant governmental authorities and the Board is
currently negotiating contracts and pricing with a local drilling
company with a target of commencing before the Christmas holiday
period. Importantly, any drilling undertaken will be funded from
the Company's existing cash resources.
Salary sacrifice
At the time of the fundraising announced in September 2023, four
members of the board of directors, David Tang, Andrew Scott, Adam
Jones and Trevor Davenport, agreed to subscribe for new ordinary
shares in ECR ("New Ordinary Shares") in lieu of an aggregate of
GBP40,000 salary (GBP10,000 each), thereby further preserving the
Company's cash resources.
These New Ordinary Shares will be issued on or around 31 March
2024, with admission to trading commencing on or around 1 April
2024. The number of the New Ordinary Shares to be issued will be
calculated by reference to (i) the price at which an equity
fundraising in the Company is carried out in the period of the
salary sacrifice or (ii) if there is no fundraising, the price
equal to the volume weighted average price of ordinary shares in
the Company calculated over the previous 14 days, provided always
that the minimum ordinary share price that shall apply is 0.175
pence. In each case, the issue of these New Ordinary Shares is
conditional on the relevant person being a director of the Company.
A further announcement will be made at that time.
Nick Tulloch and Mike Whitlow are already remunerated
substantially by the issue of New Ordinary Shares as announced on
18 September 2023.
ECR Chief Operations Officer Mike Whitlow commented: "The latest
positive news within our postcode speaks for itself. We take great
encouragement from the recent announcements reported by our peers
and we believe that ECR has sufficient upside opportunities in
Victoria to warrant a return to drilling. We will provide further
details in the coming weeks as we finalise our plans.
"I am also pleased that our strategy is being further supported
by members of the board who are continuing our ethos of aligning
themselves with our shareholders and conserving the Company's cash
resources."
Interview
Watch our Back to Victoria interview with Nick Tulloch and Adam
Jones at the link below:
https://youtu.be/8P3NBq-LqfY
Non-Regulatory Announcement
FOR FURTHER INFORMATION, PLEASE CONTACT:
ECR Minerals plc Tel: +44 (0) 20 7929 1010
David Tang, Non-Executive Chairman
Nick Tulloch, Managing Director
Andrew Scott, Director
Email:
info@ecrminerals.com
Website: www.ecrminerals.com
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 eight active
exploration tenements and two in application (Ballarat and
Tambo).
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 Lolworth
Range, Queensland, Australia. The Company has also submitted a
license application at Kondaparinga which is approximately 120km(2)
in area and located within the Hodgkinson Gold Province, 80km NW of
Mareeba, North Queensland.
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 90% 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.
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