ECR Minerals PLC (AIM:ECR) told investors its wholly-owned subsidiary Mercator Gold has now executed an agreement to sell a property in southeastern Australia.
The company agreed to sell the property in the town of Sebastian, Victoria for A$950,000 after it was purchased in September 2021 for A$887,500.
It is expected to be the first of a number of disposals of selected non-core assets.
“I am pleased to announce that we have actioned the first in a series of planned disposals of non-core assets as outlined in our recent strategic update,” said chief executive Andrew Haythorpe.
“The agreed Bassett Road property sale price is at a slight premium to the purchase price in 2021 and the funds will add a significant cash sum to our existing resources.”
“Our actions here will ensure that ECR can maintain all scheduled exploration and drilling activities for the foreseeable future.”