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ECR Minerals raises £1mln via oversubscribed placing at 1.8p a share

The AIM-listed group said the proceeds will be used to support its continuing activities in Australia and explore new opportunities
ECR drill
Tt lunchtime ECR shares were 8%, or 0.18p lower at 2.02p, but still well above the funding price

Australia-focused gold miner ECR Minerals PLC (LON:ECR) has raised gross proceeds of £1.0mln via an oversubscribed placing of 55.5mln new shares at a price of 1.8p.

The AIM-listed group said the proceeds will be used to "support its continuing activities in Australia and explore new opportunities."

ECR’s chief executive officer, Craig Brown said: "The significant demand from both new and existing investors to take part in this fundraise is an encouraging vote of confidence in ECR's future.”

READ: ECR partners up with Chinese investors 

The firm also recently announced the receipt of the full amount of the gross proceeds of £553,564 from Shenyang Xinliaoan Machinery Tool Co Ltd and Brown said ECR will seek to “complete this subscription with Shenyang once our relationship agreement has been delivered."

Reflecting the discounted placing, at lunchtime ECR shares were 8%, or 0.18p lower at 2.02p, but still well above the funding price.

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