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.

 

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

 

AIM: ECR
US OTC: MTGDY

 

London: 14 June 2012 - ECR Minerals plc announces that it has issued and allotted a total of 43,057,180 ordinary shares of 0.1p (“Ordinary Shares”), of which:

  • 31,363,636 Ordinary Shares have been issued and allotted at 1.1p per share in respect of the redemption of convertible loan notes of total principal amount GBP345,000 (the “Conversion”);
  • 11,693,544 Ordinary Shares have been issued and allotted at 0.470345p per share in connection with an advance of GBP55,000 (the “Advance”) under the Company's Standby Equity Distribution Agreement (SEDA) with YA Global Master SPV Ltd.

 

The proceeds of the Advance will be used to provide working capital for the Company's activities in Argentina and for general corporate purposes.

The effect of the Conversion is that the loan notes in question are no longer repayable in cash on 17 October 2013 and no longer bear interest.

Pursuant to this announcement application has been made for a total of 43,057,180 Ordinary Shares to be admitted to trading on AIM. Dealings are expected to commence on 21 June 2012. Following admission the Company will have a total of 770,466,780 Ordinary Shares in issue. The new Ordinary Shares will rank pari passu in all respects with the Ordinary Shares of the Company currently traded on AIM.

 

For further information please contact:

ECR Minerals plc
Patrick Harford, Managing Director Tel: +44 (0)20 7929 1010
Stephen Clayson, Director & Chief Financial Officer
Email:This email address is being protected from spambots. You need JavaScript enabled to view it.
Daniel Stewart & Company plc
Paul Shackleton/Tessa Smith/David Hart Tel: +44 (0)20 7776 6550