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ECR Minerals receives further chunk of Chinese money

The cash will fund drill programmes at the Avoca and Bailieston gold projects in Australia
Picture of gold and dollars
Shenyang Xinliaoan Machinery wil pay £553,000 in total

ECR Minerals PLC LON:ECR) has received a further deposit of £50,000 from its new Chinese investment partner, bringing the non-refundable deposit to £150,000 in aggregate.

The payments are part of a £553,000 investment by Shenyang Xinliaoan Machinery that will give it a 29.9% stake. They will be included as part of the subscription once all of the money comes through.

The cash will fund drill programmes at the Avoca and Bailieston gold projects in Australia as well as the SLM gold project in Argentina.

Shenyang will also be issued with 83mln warrants; of which 55.3mln can be exercised at 2p a pop and the remainder at 5p.

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