ECR MINERALS PLC: Issue of Equity
April 06 2020 - 2:00AM
UK Regulatory
TIDMECR
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
PLACING OF SHARES
ECR Minerals plc (LON: ECR), the gold exploration and
development company focussed on Australia, is pleased to announce
the placing (the "Placing") of 100,000,000 new ordinary shares of
0.001p (the "Placing Shares") at a Placing price of 0.5p per share
for gross proceeds of GBP500,000.
The net proceeds of the Placing, which is conditional on
admission of the Placing Shares to trading on AIM ("Admission"),
will be used to support the ongoing activities of ECR, particularly
in relation to its gold exploration projects in Victoria,
Australia. The Placing was arranged by the Company's broker SI
Capital Ltd.
Placees will receive one warrant ("Warrant") for each Placing
Share. Each Warrant is exercisable to subscribe for a new ordinary
share in ECR Minerals plc at a price of 1p for a period of 24
months from the date of Admission. If all the Warrants were to be
exercised, this would generate proceeds of GBP1 million for the
Company.
Craig Brown, Chief Executive Officer, commented:
"We are pleased by the confidence in ECR shown by investors in
the Placing. The Company is now in a strong position to implement
our strategy, which centres on our exciting portfolio of gold
projects in Victoria, Australia. Discussions with third parties
regarding certain of these projects are continuing, and we hope to
be in a position to update the market shortly."
ISSUE OF SHARES FOR SERVICES, ADMISSION OF NEW SHARES AND TOTAL
VOTING RIGHTS
In addition to the Placing Shares, the Company has agreed to
issue 1,542,860 new ordinary shares in lieu of fees for services
unconnected with the Placing (the "Payment Shares"). The deemed
price of the Payment Shares is the same as the Placing price.
Admission of both the Placing Shares and Payment Shares is
expected to occur on or around 20 April 2020. Following admission
of the Placing Shares and the Payment Shares to trading on AIM,
ECR's issued ordinary share capital will comprise 552,473,643
ordinary shares of 0.001p. This number will represent the total
voting rights in the Company, and, following admission of the
Placing Shares and the Payment 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 new 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 Avoca, Bailieston, Creswick, Moormbool
and Timor gold exploration projects in central Victoria, Australia
and the Windidda project in the Yilgarn region, Western
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.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20200405005024/en/
CONTACT:
ECR Minerals plc
SOURCE: ECR Minerals plc
Copyright Business Wire 2020
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