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, the diversified mineral and renewable energy development company, announces that it has today despatched notice of an extraordinary meeting (“the EM”) of holders of the unsecured convertible loan notes of principal amount £2,565,000 (“Loan Notes”) issued by the Company and constituted by a loan note instrument dated 17 October 2007 (“the Loan Note Instrument”). The purpose of the EM is to seek the approval of Loan Note holders to vary the terms of the Loan Note Instrument.

 

 

Subject to the extraordinary resolution to be put to the EM being passed, the terms of the Loan Note Instrument are to be varied as follows:

  • The Loan Notes are to be repayable on 17 October 2013, a 3-year extension to the current repayment date
  • Conversion of the Loan Notes at the election of Loan Note holders may take place at 1.1 pence per share at any time after the date of the EM
  • The rate of interest carried by the Loan Notes is to be set at 10% per annum
  • All other terms of the Loan Notes are to remain the same

The Company would retain the ability to:

  • Repay the Loan Notes early, subject to the right of Loan Note holders to elect to receive repayment in shares at the conversion price of 1.1 pence per share
  • Purchase Loan Notes at any price and at any time by tender, private treaty or otherwise by agreement with the relevant Loan Note holder

The EM will be held at the offices of Cobbetts LLP at 70 Gray’s Inn Road, London WC1X 8BT on Tuesday 28 September 2010 at 11.00am. A further announcement will be made following completion of the EM.

 

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.
Daniel Stewart & Company plc
Oliver Rigby/Tessa Smith Tel: +44 (0) 20 7776 6550
Old Park Lane Capital plc
Forbes Cutler Tel: +44 (0) 20 7518 2603
Director of Corporate Broking
Bankside Consultants Ltd Tel: +44 (0) 20 7367 8888
Simon Rothschild
Oliver Winters
Barry Kaplan Associates
Larry Kaplan Tel: +1 732 747 0702

 

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