16:30 Fri 31 Mar 2017
Subscription Update
--(BUSINESS WIRE)--
AIM: ECR
US OTC: MTGDY
(“ECR Minerals”, “ECR” or the “Company”)
SUBSCRIPTION UPDATE
– Further to the announcement dated 27
in respect of the Subscription to raise gross proceeds of
£553,564 (“Subscription Announcement”), the directors of (the “Directors”) announce that on [31 March] 2017 they entered into
an amendment to the Subscription Agreement with (the “Amendment Agreement”) as further detailed below.:
Capitalised terms used, but not otherwise defined in this announcement shall have the same meanings as set out in the Subscription Announcement.
Pursuant to the Subscription Agreement the Gross Proceeds (less the
Deposit of £100,000 which has already been received by the Company) of
the Subscription were due to be received by the Company by , however, whilst the Investor has received an
Permit from the of Commerce in respect of remittance
to the Company of the balance of the Subscription, this remains subject
to foreign exchange control restrictions. Accordingly, the Company has
agreed to extend the Receipt Date to and the Investor has
agreed to pay the Company a further non-refundable deposit of £50,000
(“Further Deposit Amount”), bringing the total non-refundable deposit to
£150,000 in aggregate (the “Total Deposit Amount”). The Investor is
required to remit the Further Deposit Amount to the Company by .
In the event that the Further Deposit Amount is not received by the
Company by , the Company may elect to convert the £100,000
Deposit into Ordinary Shares of the Company at a price of per
share.
In the event that the balance of the Gross Proceeds is remitted to the
Company by , the Total Deposit Amount will be treated as a
payment on account and will be deducted from the Gross Proceeds to be
received by the Company. In the event that the Gross Proceeds (less the
Total Deposit Amount received) are not received by , the
amount of the Total Deposit Amount received by that date (less any of
the Total Deposit Amount already converted into Ordinary Shares) will be
converted into ordinary shares in the Company at a price of per
share (to be issued to the Investor (the “Deposit Shares”) and ECR, at
its election, may either terminate the Subscription Agreement or further
extend the Receipt Date (“Further Extension”). In the event of a Further
Extension, the Investor will be required to transmit the full amount of
the Gross Proceeds (i.e. the Total Deposit Amount will not be treated as
an advance) to the Company in order to complete the Subscription. The
Deposit Shares will not be subject to any lock-up arrangements.
Unless otherwise stated above, the key terms of the Subscription remain as set out in the Subscription Announcement.
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 , and has since been granted the Timor tenement. 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 . An NI43-101 technical report
was completed in respect of the Danglay project in , 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 , . Exploration at SLM has focused
on identifying small tonnage mesothermal gold deposits which may be
suitable for relatively near term production.
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 (RIS), this inside
information is now considered to be in the public domain.
FOR FURTHER INFORMATION, PLEASE CONTACT:
FORWARD LOOKING STATEMENTS
This announcement may include forward looking statements. Such statements may be subject to numerous 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 because of new information, future events or for any other reason.
View source version on :businesswire.comhttp://www.businesswire.com/news/home/20170331005485/en/
Source:
Tel: +44 (0)20 7929 1010 | |||
, Non-Executive Chairman | |||
, Director & CEO , Director & COO | |||
Email: | |||
Website:www.ecrminerals.com | |||
Tel: +44 (0)20 7213 0880 | |||
Nominated Adviser | |||
/ | |||
Tel: +44 (0)203 137 1902 | |||
Broker | |||
FlowComms | Tel: +44 (0)7891 677 441 | ||
Investor Relations | |||
Blytheweigh | Tel: +44 (0)20 7138 3204 | ||
Public Relations | |||
/ / |
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