ECR Minerals plc announces that on 28 November 2011 it received confirmation that Fair Choice Ltd, a company controlled by Michael Silver, Executive Chairman of ECR, has purchased from a third party convertible loan notes of the Company totalling £125,000 in principal amount. The transaction was effective as of 22 November 2011. The convertible loan notes bear interest at 10% per annum and are convertible at any time into new ordinary shares of the Company of 0.1 pence each (“Ordinary Shares”) based on a price of 1.1 pence per Ordinary Share. If not converted, the loan notes are to be redeemed on 17 October 2013.
In addition to the convertible loan notes that are the subject of this disclosure, Michael Silver is beneficially interested in 17,716,406 ordinary shares of the Company, representing approximately 2.94 per cent of the Company’s total issued share capital.
For further information please contact:
|ECR Minerals plc|
|Michael Silver, Chairman||Tel:||+44 (0) 20 7929 1010|
|Patrick Harford, Managing Director|
|Stephen Clayson, Director|
|Luca Tenuta, Non-Executive Director|
|Daniel Stewart & Company plc|
|Oliver Rigby/Tessa Smith||Tel:||+44 (0) 20 7776 6550|
|Old Park Lane Capital plc|
|Michael Parnes||Tel:||+44 (0) 20 7493 8188|
|Blythe Weigh Communications|
|Ana Ribeiro||Tel:||+44 (0)20 7138 3204|
|Barry Kaplan Associates|
|Larry Kaplan||Tel:||+1 732 747 0702|