ECR Minerals PLC (LON:ECR) has confirmed a significant warrant exercise, helping boost the current financial position of the company, as well as the appointment of a new joint broker.
The gold exploration and development company focused on Australia said it has received notice to exercise warrants over 55,856,391 new ordinary shares in the company at 1.125p per share.
Aggregate subscription monies of £1,112.752.82 have been received by ECR in respect of the exercise of these warrants.
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Following receipt of the warrant exercise monies, ECR said it now has cash balances of around £4mln and is, therefore, in the board’s view, in an exceptionally strong financial position.
This strength of the company’s financial position will enable the company to comfortably continue to embark on its previously announced exploration programmes with confidence. With its own in-house drilling capability, the group said it is planning to undertake extensive drill programmes across our Victoria Goldfields interests.
With the current cash position, ECR said it currently has no intention of carrying out a placing.
The group also announced that it has appointed Novum Securities as a joint broker with immediate effect. Novum are to undertake broker research on ECR, with a particular focus on enhancing market awareness of the company, notably in the institutional investor community.