Australia-focused mining company ECR Minerals PLC (AIM:ECR) has raised £580,000 in a direct subscription of shares priced at 0.175p each to a number of high-net-worth individuals and institutional investors.
ECR will use the funds raised to advance the company’s existing assets, new potential opportunities and for general working capital purposes.
The issuance of shares is contingent on shareholder approval and admission to trading on AIM.
“I am delighted to announce that notwithstanding the challenging market conditions, the quality of ECR’s assets has resulted in this support from a core group of high net worth and institutional shareholders," said ECR’s managing director Nick Tulloch.
He continued: “The board anticipates that, if approved, the funds raised will primarily be allocated to fast-track ECR’s projects, plus there are a number of new opportunities on the table that the board may decide to progress once the appropriate due diligence has been undertaken.
"Along with my board colleagues, I look forward to reporting further progress very shortly.”