ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
US OTC: MTGDY
London: 30 October 2012 - ECR Minerals plc announces the issue and allotment of a total of 28,910,507 ordinary shares of 0.1p (“Ordinary Shares”) at 0.346p per share in connection with an advance of GBP100,000 (the “Advance”) under the Company's Standby Equity Distribution Agreement (SEDA) with YA Global Master SPV Ltd (“YA Global”).
The proceeds of the Advance will be used in partial repayment of the loan received by ECR from YA Global in August 2012 and for general working capital purposes. Further to the Company’s announcement of 25 October 2012, costs incurred by ECR in Argentina are being minimised while the results of the recent underground and surface sampling programme are analysed and options with regard to the El Abra gold prospect and other parts of the Sierra de las Minas project area are considered.
The Company continues to pursue the crystallisation of value from investment positions and the disposal of non-core assets, and hopes to be in a position to provide further updates shortly.
Pursuant to this announcement application has been made for a total of 28,910,507 new Ordinary Shares to be admitted to trading on AIM. Dealings are expected to commence on 5 November 2012. Following the issue and allotment of the new Ordinary Shares the Company will have a total of 939,003,435 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.
About ECR Minerals plc
ECR is a mineral development company with 100% ownership of the Sierra de las Minas gold project in La Rioja Province, Argentina.
The Company holds a 21% fully diluted stake in THEMAC Resources Group Ltd (“THEMAC”), which is focused on the redevelopment of the Copper Flat copper-molybdenum-gold-silver porphyry deposit in New Mexico, USA. THEMAC is listed on the TSX Venture Exchange with the symbol MAC.
In addition to its stake in THEMAC, the Company has shareholdings in West Wits Mining Ltd (ASX: WWI) and Paniai Gold Ltd (unquoted), both of which have interests in the Derewo River alluvial gold mining and exploration project in Papua, Indonesia.
For further information please contact:
|ECR Minerals plc|
|Patrick Harford, Managing Director||Tel:||+44 (0)20 7929 1010|
|Stephen Clayson, Director & Chief Financial Officer|
|Daniel Stewart & Company plc|
|Paul Shackleton/David Hart||Tel:||+44 (0)20 7776 6550|