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.

Electrum Resources plc, the diversified mineral and renewable energy development company, is pleased to announce that at today’s extraordinary meeting of holders (“Loan Note Holders”) of the unsecured convertible loan notes of a principal amount £2,565,000 (“Loan Notes”) issued by the Company and constituted by a loan note instrument dated 17 October 2007 (“Loan Note Instrument”), approval was secured from Loan Note Holders by way of extraordinary resolutions to vary the terms of the Loan Note Instrument in accordance with the Company’s announcement of 14 September 2010.

The key terms of the varied Loan Note Instrument are now as follows:

  • The Loan Notes are repayable on 17 October 2013, a 3-year extension to the previous repayment date;
  • Conversion of the Loan Notes at the election of Loan Note Holders may take place at 1.1 pence per share; and
  • The rate of interest carried by the Loan Notes is 10% per annum.

 

The Company retains 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; and
  • Purchase Loan Notes at any price and at any time by tender, private treaty or otherwise by agreement with the relevant Loan Note holder.

 

Patrick Harford, Managing Director of Electrum Resources plc, comments:

“The approval of these new terms by Loan Note holders puts Electrum on a substantially improved financial footing for the continued development of its asset portfolio. This will enable the Company to achieve the maximum benefit from its projects.”

 

About Electrum

Electrum Resources plc is a diversified mineral and renewable energy development company which specialises in identifying undervalued projects and structuring them to 2 maximise their development and capital raising potential. Electrum holds a substantial interest in THEMAC Resources Group, a company listed on the TSX Venture Exchange. The primary objective of THEMAC Resources Group is to return the Copper Flat project, a former producing copper-molybdenum-gold-silver mine located in New Mexico, USA, to commercial production. Electrum also has solar energy interests in New Mexico along with numerous other promising assets elsewhere in the world.

 

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

Barry Kaplan Associates
Larry Kaplan Tel: +1 732 747 0702

 

Click Here for the full text PDF version of this Press Release