ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
US OTC: MTGDY
LONDON: 25 SEPTEMBER 2013
ECR Minerals plc announces the issue and allotment of 37,500,000 new ordinary shares of the Company at a price of 0.2p per share pursuant to the exercise of 37,500,000 share purchase warrants. Subscription monies of £75,000 have been received by ECR in respect of the exercise of these warrants.
Stephen Clayson, Chief Executive Officer of ECR, commented:
“We are pleased to note that all 392,500,000 warrants granted by ECR in connection with the redemption of convertible loan notes have now been exercised. Accordingly, no warrants remain outstanding and the proceeds of exercise received by the Company total £785,000. With no debt and more than £1 million in cash, ECR is in a stronger financial position than has been the case for many years.”
Pursuant to this announcement, application has been made for 37,500,000 new ordinary shares of the Company to be admitted to trading on AIM. This is expected to occur on 1 October 2013. Following admission, ECR’s issued ordinary share capital will consist of 3,259,129,313 ordinary shares. The new ordinary shares will rank pari passu in all respects with the ordinary shares of the Company currently traded on AIM.
The total of 3,259,129,313 ordinary shares may therefore be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA’s Disclosure and Transparency Rules.
ABOUT ECR MINERALS PLC
ECR is a mineral development company with, among other interests, the right to earn a 50% interest in the Itogon gold-silver project in the Philippines. The Itogon project is an advanced exploration project located in a gold and copper mining district on the island of Luzon in the north of the Philippines, and benefits from an extensive historical dataset.
ECR also has 100% ownership of the Sierra de las Minas gold project in La Rioja Province, Argentina; and a substantial minority stake in THEMAC Resources Group Ltd (TSX-V: MAC), which is focused on the development of the Copper Flat copper-molybdenum-gold-silver porphyry project in New Mexico, USA.
FOR FURTHER INFORMATION PLEASE CONTACT:
|ECR Minerals plc|
|Paul Johnson, Non-Executive Chairman||Tel:||+44 (0)20 7929 1010|
|Stephen Clayson, Director & Chief Executive Officer|
|Daniel Stewart & Company plc|
|David Hart/Antony Legge||Tel:||+44 (0)20 7776 6550|
FORWARD LOOKING STATEMENTS
This announcement may include forward looking statements. Such statements may be subject to a number of known and unknown risks, uncertainties and other factors that could cause actual results or events to differ materially from current expectations. There can be no assurance that such statements will prove to be accurate and therefore actual results and future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward looking statements. Any forward looking statements contained herein speak only as of the date hereof (unless stated otherwise) and, except as may be required by applicable laws or regulations (including the AIM Rules for Companies), the Company disclaims any obligation to update or modify such forward looking statements as a result of new information, future events or for any other reason.