ECR Minerals PLC (AIM:ECR) said it has executed a sale and purchase agreement for the company’s property located at 127 Nagambie-Rushworth Road within its 100%-owned Bailieston licence area.
The gold exploration and development company focused on Australia said it has agreed a cash sale price of A$670,000 for the Nagambie-Rushworth Road property, with a deposit of A$67,000 already received. The buyer is a private individual, it noted.
The company said the funds raised will be deployed into ECR’s ongoing 2023 exploration programme.
The transaction marks the second disposal from selected non-core assets as outlined in the announcement of 6 July 2022. Completion of the transaction and settlement of the A$603,000 final balance is expected to occur on or around April 27, 2023.
In a statement, CEO Andrew Haythorpe commented: “I am pleased to report that we have actioned the second in a series of planned disposals of non-core assets as outlined in our strategic plan last July. Once the sale completes, the proceeds will significantly bolster our cash position, ensuring that ECR can maintain all scheduled exploration and drilling activities.
“Discussions over further asset disposals are continuing and I look forward to providing further updates in due course.”