14:22 Thu 16 Jul 2020
Issue of Equity
--(BUSINESS WIRE)--
(“ECR Minerals”, “ECR” or the “Company”)
PLACING OF SHARES
(LON: ECR), the gold exploration and development company focussed on , is pleased to announce the placing (the “Placing”) of 46,153,846 new ordinary shares of 0.001p (the “Placing Shares”) at a Placing price of 1.3p per share for gross proceeds of £600,000.
The net proceeds of the Placing, which is conditional on admission of the Placing Shares to trading on AIM (“Admission”), will be used to support the ongoing activities of ECR, particularly in relation to its gold exploration projects in . The Placing, which was oversubscribed, was arranged by the Company’s broker
Placees will receive one warrant (“Warrant”) for each Placing Share. Each Warrant is exercisable to subscribe for a new ordinary share in at a price of 2.1p for a period of 24 months from the date of Admission. If all the Warrants were to be exercised, this would generate proceeds of approximately £969,000 for the Company.
, Chief Executive Officer, commented:
“We are pleased to announce this oversubscribed placing at a price substantially higher than the most recent prior placing.
The funds raised take the Company’s cash position to approximately £1.25 million pounds and, the Directors believe this puts ECR in a strategically strong position with regard to commercial discussions over our project interests and for the continuation of exploration.
I look forward to reporting further progress from , as material developments occur.”
ADMISSION OF NEW SHARES AND TOTAL VOTING RIGHTS
Admission of the Placing Shares to trading on AIM is expected to occur on or around . Following admission, ECR’s issued ordinary share capital will comprise 600,627,489 ordinary shares of 0.001p. This number will represent the total voting rights in the Company, and, following admission of the Placing Shares, 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 Disclosure and Transparency Rules. The new shares will rank pari passu in all respects with the ordinary shares of the Company currently traded on AIM.
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:
ABOUT
ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary has 100% ownership of the Bailieston and Creswick gold projects in central .
Following the sale of the Avoca, Moormbool and Timor gold projects in to (TSX-V: FSX), ECR has the right to receive up to in payments subject to future resource estimation or production at those projects.
ECR has earned a 25% interest in the Danglay gold project, an advanced exploration project located in a prolific gold and copper mining district in the north of , and holds a royalty on the SLM gold project in , .
View source version on :businesswire.comhttps://www.businesswire.com/news/home/20200716005581/en/
Source:
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, Non-Executive Chairman |
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, Director & CEO |
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Website:www.ecrminerals.com |
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Nominated Adviser |
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SI Capital Ltd |
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