ECR Minerals plc Repayment of Yorkville Facility

 
TIDMECR 
 
 

AIM: ECR

US OTC: MTGDY

ECR MINERALS plc

("ECR" or the "Company")

REPAYMENT OF YORKVILLE FACILITY

LONDON: 27 SEPTEMBER 2016 - The directors of ECR Minerals plc (the "Directors") are pleased to announce that ECR has repaid all amounts owed by the Company under the convertible loan facility (the "Facility") with YA II PN Ltd (formerly known as YA Global Master SPV Ltd), an investment fund managed by Yorkville Advisors Global LP ("Yorkville"). The Directors confirm that the Company does not intend to make further use of the Facility, or similar facilities.

The repayment was made using funds held by ECR prior to the completion of the subscription for new ordinary shares which was announced on 6 September 2016 (the "Subscription"). Therefore, the net proceeds of the Subscription of GBP475,000 are largely available to fund the Company's future activities.

Taking account of the liabilities settled pursuant to ECR's announcement dated 14 September 2016, the Company's creditors have reduced by approximately GBP400,000, and no significant creditors remain outstanding.

Craig Brown, Chief Executive Officer of ECR, commented:

"ECR is working to maximise the value of its current projects whilst evaluating potential new opportunities. With the repayment of Yorkville and the recent Subscription, the Company now has the benefit of a fresh start in terms of its finances."

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.

ABOUT ECR

ECR is a mineral exploration and development company. ECR's wholly owned Australian subsidiary Mercator Gold Australia has acquired 100% ownership of the Avoca and Bailieston 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.

FOR FURTHER INFORMATION, PLEASE CONTACT:

 
ECR Minerals plc                               Tel: [phone] 
William (Bill) Howell, Non-Executive Chairman 
Craig Brown, Director & CEO 
Richard (Dick) Watts, Non-Executive 
Technical Director 
Email: [e-mail] 
Website: www.ecrminerals.com 
Cairn Financial Advisers LLP                   Tel: [phone] 
Nominated Adviser 
Emma Earl / Jo Turner 
Optiva Securities Ltd                          Tel: [phone] 
Joint Broker 
Christian Dennis 
Vicarage Capital Ltd                           Tel: [phone] 
Joint Broker 
Rupert Williams / Jeremy Woodgate 
Blytheweigh                                    Tel: [phone] 
Public Relations 
Tim Blythe / Camilla Horsfall 
 
 

FORWARD LOOKING STATEMENTS

This announcement may include forward looking statements. Such statements may be subject to a number of 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 as a result of new information, future events or for any other reason.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160926006289/en/

 
This information is provided by Business Wire 
 
 

(END) Dow Jones Newswires

September 27, 2016 02:00 ET (06:00 GMT)