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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ecr Minerals Plc | LSE:ECR | London | Ordinary Share | GB00BYYDKX57 | ORD 0.001P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.015 | -4.69% | 0.305 | 0.30 | 0.31 | 0.32 | 0.305 | 0.32 | 13,898,348 | 11:47:55 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
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
(END) Dow Jones Newswires
December 12, 2022 06:08 ET (11:08 GMT)
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