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.

MERCATOR GOLD plc
(“Mercator Gold”, “Mercator” or “the Company”)

AIM: MCR

US OTC: MTGDY

 

LONDON: 29 JUNE 2009 - Mercator Gold plc announces the placing (the "Placing") of 42.5 million new ordinary shares of 0.01p each ("New Ordinary Shares") at a price of 2 pence per share to raise £850,000 before expenses.

Old Park Lane Capital plc (“OPL”) has been appointed as Joint Broker to the Company and acted for the Company in the Placing of the New Ordinary Shares with predominantly OPL’s institutional and ultra high net worth investors, which is conditional upon, inter alia, admission of the New Ordinary Shares to trading on AIM.

The Directors of Mercator have identified, and are in the early stages of the due diligence process required to evaluate, a number of potential acquisitions and it is intended that the proceeds of the Placing may allow the Company to pursue such opportunities as and when appropriate.

Certain Directors of the Company have participated in the Placing, and now have the following shareholdings in the Company:

 

DirectorShares PurchasedShareholdingPercentage of Enlarged Company
Patrick Harford 1,513.500 3,516,467 3.05
Michael Silver 1,513,500 2,080,043 1.81

 

In order to satisfy institutional requirements, the New Ordinary Shares will be issued and admitted to AIM in three tranches. Application has been made for the admission of 17,625,000 New Ordinary Shares to AIM effective 2 July 2009. Application will be made for 17,375,000 New Ordinary Shares to be admitted to AIM on 13 July 2009 and 7,500,000 New Ordinary Shares are expected to be admitted to AIM on 27 July 2009. The New Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares currently traded on AIM. Following the third admission there will be 115,174,911 Ordinary Shares in issue.

 

For further information please contact:

Mercator Gold plc    
Michael Silver, Chairman    
Patrick Harford, Managing Director Tel: +44 (0) 20 7929 1010
Email:This email address is being protected from spambots. You need JavaScript enabled to view it.    
   
   
   
Old Park Lane Capital PLC    
Michael Parnes Tel: +44 (0) 20 7493 8188
Chief Executive    
     
     
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.    
Website: www.oldplc.com    
     
     
Bankside Consultants Ltd Tel: +44 (0) 20 7367 8888
Simon Rothschild    
Oliver Winters    
   
   
   
Cenkos Securities plc    
Adrian Hargrave Tel: +44 (0) 20 7397 8900
Beth McKiernan    
     
     
     
     
AIM: MCR    

 

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