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: 7 OCTOBER 2009

PLACING

The Company has made a placement of 3.125 million shares at 4 pence per share to raise £125,000. The placement, made at a 15% premium to the market, was organised through the Company’s long time advisors, Loeb Aron, at a cost of 5% plus broker warrants. The funds raised will be used to continue the work on the Copper Flat Project.

EXERCISE OF WARRANTS

The Company also announces that pursuant to the terms of a Warrant Instrument by way of Deed Poll dated 29 May 2009, Notice of Exercise has been received for 114 Warrants for Ordinary Shares of 0.1p each in the Company (the "Shares") at a subscription price of 5p each.

The Company has applied for the 3,125,000 and 114 Shares (3,125,114 New Ordinary Shares in total) to be admitted to trading on AIM. Admission is expected to take place on 8 October 2009. The New Ordinary Shares will rank pari passu in all respects with the existing ordinary shares in the Company currently traded on AIM. Following admission there will be 124,368,596 New Ordinary Shares in issue.

Managing Director, Patrick Harford, said: “The placement of shares - achieved at a premium to market price - strengthens Mercator’s balance sheet and provides the financial headroom for the company to pursue its current work programmes.”

 

For further information please contact:

Mercator Gold plc    
Michael Silver, Chairman Tel: +44 (0) 20 7929 1010
Patrick Harford, Managing Director    
Email:This email address is being protected from spambots. You need JavaScript enabled to view it.    
   
   
   
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    
     
     
     
     
Old Park Lane Capital PLC    
Forbes Cutler Tel: +44 (0) 20 7518 2603
Director of Corporate Broking    
     
     
     
AIM: MCR    

 

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