Ecr Minerals Share Discussion Threads

[mrkeysersoze] 18/11/2015 10:31

Sleveen,

Not quite sure how you arrive at...

"At interims the current liabilities were £970k v current assets of £500k."

Please see below.

Mr K.




FINANCIAL RESULTS



For the six months ended 31 March 2015 the financial statements of the Company as consolidated with its subsidiaries (the "Group") record a total comprehensive expense of GBP896,320, the largest component of which is other administrative expenses of GBP629,183, which relate primarily to the operation of the Company's projects. The Group reported a total comprehensive expense of GBP986,553 for the six months ended 31 March 2014.



During the period, ECR disposed of its entire holding of common shares in THEMAC Resources Group Ltd ("THEMAC") for proceeds of GBP54,286. This disposal was motivated by the Directors' view of the prospects of THEMAC and its Copper Flat project given the prevailing copper price and the generally adverse financial environment for companies in the mineral sector.



The Group's net assets were GBP4,515,381 at 31 March 2015 compared with GBP5,282,905 at 31 March 2014, reflecting the reduction in available-for-sale financial assets and other financial assets following the disposal of the Company's interest in THEMAC, as well as a lower figure for cash and cash equivalents of GBP302,754, versus GBP599,431 at 31 March 2014. Exploration assets at 31 March 2015 were GBP1,766,779, versus GBP1,032,276 at 31 March 2014, reflecting the investments made in the Company's projects.



With the release of Mercator Gold Australia Pty Ltd ("MGA") from external administration in December 2014, MGA has become, in accounting terms, a subsidiary of the Company once again, having been excluded from the Group since MGA became subject to external administration in October 2008. A discussion of the accounting implications of this development is provided in note 2 below.

[targatarga] 18/11/2015 10:29

keep the faith, it's only money [from you to management].

[sleveen] 18/11/2015 07:50

Cash burn for G&A alone is £820k.

At interims the current liabilities were £970k v current assets of £500k.

ECR is financially untenable IMHO, even after today's "keep the lights on and pay the wages" money.

[mrkeysersoze] 18/11/2015 07:40

I share the same view as MTR, unfortunately I had to pay a 30% premium last week to the placing price of 0.02p"In this case we feel the recent decline in share price of ECR and commensurate low valuation, combined with the upcoming potential news flow with regard to company operations, makes our investment a highly attractive opportunity."Mr K.

[sleveen] 18/11/2015 07:31

I suspect PIs will be able to boy at 0.02p within a few days.

I like this bit... is expected to provide the working capital necessary to continue the development of ECR’s business into 2016...

So another placing in Q1 2016 then.

[mrkeysersoze] 18/11/2015 07:25

Funding issues now resolved....Mr K.

[mrkeysersoze] 18/11/2015 07:08

RNS Number : 0576GMetal Tiger PLC18 November 2015 METAL TIGER PLC18 November 2015 ?Metal Tiger plc("Metal Tiger" or the "Company")Investment in ECR Minerals Metal Tiger (LON:MTR), the natural resources investing company is pleased to announce the Company's Direct Equities division has entered into a subscription agreement to acquire £100,000 of equity in ECR Minerals (LON:ECR), with attaching warrants.Readers are advised to review the announcement released by ECR in respect of this transaction, which can be viewed at www.ecrminerals.com.Highlights· Metal Tiger to invest £100,000 to acquire 500,000,000 new ordinary shares via a subscription in ECR Minerals plc at a price per ordinary share of 0.02p; · Metal Tiger will receive one share warrant with each new ordinary share acquired for a total of 500,000,000 warrants with an exercise price of 0.04p and a 3 year term from admission of the subscription stock; · In the event that ECR announces a total mineral resource estimate at their Danglay gold project in the Philippines exceeding 500,000 of gold equivalent, the exercise price of any unexercised warrants will increase to 0.06p per ordinary share. Cameron Parry, CEO of Metal Tiger commented: "We are please to announce a further Direct Equity transaction with this investment into ECR Minerals plc. Metal Tiger's Direct Equity division is focused on the identification of, and investment in, significantly undervalued listed natural resource companies.The currently challenging conditions in the natural resource sector have provided an extensive choice of investment opportunities for companies such as Metal Tiger, who have the working capital to take positions at what increasingly looks like a bottoming phase for the sector. In this case we feel the recent decline in share price of ECR and commensurate low valuation, combined with the upcoming potential news flow with regard to company operations, makes our investment a highly attractive opportunity.Furthermore, with the inclusion of warrants Metal Tiger and its shareholders have enhanced upside potential from any rise in the underlying share price.We look forward to further progress announcements from ECR Minerals over the coming weeks and months." ECR Minerals plc reported net assets at 31 March 2015 amounted to £4,515,381 and in the year ended 30 September 2014 ECR reported a net loss of £1,746,397.Mr K.

[daddy warbucks] 18/11/2015 07:05

No RNS this morning re MTR investment?

[sleveen] 12/11/2015 07:11

Another partial conversion of loan due soon.

[29palms] 11/11/2015 19:19

New All Time Low today!
Like I have already said - all the hallmarks of "Going Under"

[ukgeorge] 11/11/2015 14:32

The whole sector is a disgrace, he clearly knows f all about mining. I met the CEO earlier in the year and that is why I'm following these.

the sooner these life style companies fold the better.

[chesycustard] 11/11/2015 14:25

For once i agree with you stig, his rubber band effect comments were somewhat misplaced...

[the stigologist] 11/11/2015 10:55

Great work Paul Johnson

lol

[rower1978] 10/11/2015 13:01

Stigologist - would love to hear how you believe I'm part of a pump and dump crew?!! Been a long term investor in ECR for 3 years now.

[chesycustard] 10/11/2015 10:27

Your post doesnt even make sense you loon!

[the stigologist] 10/11/2015 10:19

Looks like other people are spotting and outing the pump and dump crew

[targatarga] 10/11/2015 07:09

thanks stil - will try harder next time!

[the stigologist] 09/11/2015 11:19

Incredible this is still valued at over £1m !

mug punters on advfn seem to have woken up but the Lunatic Asylum muppets still want to lose their cash

[induna123] 06/11/2015 16:39

29palms, they won't go under. Notice how they lowered the nominal value of the stock to 0.001p. They still have plenty of room to issue more stock to pay for this venture. They can keep doing this so long as mug punters are willing to pay for it.