ECR is a mineral exploration and development company, incorporated in the UK.

ECR’s wholly owned Australian subsidiary Mercator Gold Australia (MGA) has agreed to acquire 100% ownership of the Avoca and Bailieston gold projects in Victoria, Australia. Mercator Gold Australia is estimated to have tax losses of approximately AUD 66M as at 30 June 2015, which may be available, subject to certain conditions (as described in ECR’s announcement dated 4 December 2014), to reduce MGA’s future taxable profits.

ECR has the right to earn a 50% interest in the Danglay epithermal gold project in the Philippines. Danglay is an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines. An NI43-101 technical report was completed in respect of the Danglay project in December 2015, and is available for download from ECR’s website.

ECR’s wholly owned subsidiary Ochre Mining has a 100% interest in the SLM gold project in La Rioja Province, Argentina. Exploration at SLM has focused on identifying small tonnage mesothermal gold deposits which may be suitable for relatively near term production.

 

ECR shares are listed on the AIM market of the London Stock Exchange with the symbol ECR.

AIM: ECR

US OTC: MTGDY

 

ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)

 

 

 

LONDON: 27 FEBRUARY 2017 - The directors of ECR Minerals plc (the “Directors”), a gold exploration company with assets in Australia, Argentina and the Philippines, announces the grant of 8,153,968 share options (the “Options”) to two executive directors. The Options have been granted under the Company’s unapproved share option plan (the “Option Plan”). 

Each Option is exercisable to acquire one ordinary share of the Company at a price of 1.725 pence per share. The Options will remain valid, subject to the rules of the Option Plan, until the fifth anniversary of the date of grant. The Options will vest immediately.

The exercise price of the Options equates to a premium of 50% to the closing mid-market price of the Company’s shares on AIM on 24 February 2017.

Options have been granted to directors of the Company as follows:

Director

Number of options held prior to this grant

Number of options granted

Total number of options held

% of current issued ordinary share capital

Craig Brown

0

4,076,984

4,076,984

3.00%

Ivor Jones

0

4,076,984

4,076,984

3.00%

William Howell

0

0

0

0%

Christian Dennis

0

0

0

0%

 

 

 

 

 

William Howell, Non-Executive Chairman of ECR, commented:

“The executive directors are working hard in a smart, efficient and results oriented manner to drive the business forward and build value for our shareholders. It is crucial that this high level of commitment is maintained and that the interests of directors remain aligned with those of shareholders. Incentive share options are an important means of achieving this.”

The grant of options to directors of the Company constitutes related party transactions under the AIM Rules for Companies.  William Howell and Christian Dennis, being the directors who are independent of the related party transactions, consider, having consulted with Cairn Financial Advisers LLP, the Company’s Nominated Adviser, that the terms of the transaction are fair and reasonable insofar as ECR’s shareholders are concerned.

 

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 Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.

 

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

ECR Minerals plc

Tel: +44 (0)20 7929 1010

William (Bill) Howell, Non-Executive Chairman

 

Craig Brown, Director & CEO

Ivor Jones, Director & COO

 

 

 

Email:  This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Website:  www.ecrminerals.com

 

 

 

Cairn Financial Advisers LLP

Tel: +44 (0)20 7213 0880

Nominated Adviser

 

Emma Earl / Jo Turner

 

 

 

Optiva Securities Ltd

Tel: +44 (0)203 137 1902

Broker

 

Graeme Dickson

 

 

 

FlowComms

Tel: +44 (0)7891 677 441

Investor Relations

 

Sasha Sethi

 

 

 

Blytheweigh

Tel: +44 (0)20 7138 3204

Public Relations

 

Tim Blythe / Camilla Horsfall / Nick Elwes

 

 

 

ABOUT ECR

 

ECR is a mineral exploration and development company.  In addition to the Danglay project discussed in this update, ECR’s wholly owned Australian subsidiary Mercator Gold Australia has 100% ownership rights in respect of the Avoca and Bailieston gold projects in Victoria, Australia. ECR’s wholly owned subsidiary Ochre Mining has a 100% interest in the SLM gold project in La Rioja, Argentina.  Exploration at SLM has focused on identifying small tonnage mesothermal gold deposits which may be suitable for relatively near term production.

 

The information below, set out in accordance with the requirements of the EU Market Abuse Regulation, provides further detail on shares acquired.

 

 

 

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Craig Brown

2

Reason for the notification

a)

Position/status

 Chief Executive Officer & Director

b)

Initial notification/ Amendment

Initial Notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

 ECR Minerals Plc

b)

LEI

N/A

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Issue of options over ordinary shares of 0.001p each

 

 

Identification code

 GB00BYYDKX57

 

   

 

 

b)

Nature of the transactions

Issue of options over Ordinary Shares

c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

 

1.725 p

 4,076,984

 

d)

Aggregated information

 

-     Aggregated volume

 4,076,984

-     Price

 1.725 p

e)

Date of the transaction

 27 February 2017

f)

Place of the transaction

London Stock Exchange, AIM

             

 

 

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Ivor Jones

2

Reason for the notification

a)

Position/status

 Chief Operating Officer & Director

b)

Initial notification/ Amendment

Initial Notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

 ECR Minerals Plc

b)

LEI

N/A

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Issue of options over ordinary shares of 0.001p each

 

 

Identification code

 GB00BYYDKX57

 

   

 

 

b)

Nature of the transactions

Issue of options over Ordinary Shares

c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

 

1.725 p

 4,076,984

 

d)

Aggregated information

 

-     Aggregated volume

 4,076,984

-     Price

 1.725 p

e)

Date of the transaction

 27 February 2017

f)

Place of the transaction

London Stock Exchange, AIM