Electrum Resources plc is pleased to announce a placing (the “Placing”) of 100,000,000 new ordinary shares of 0.1p each ("the Placing Shares") at a price of 1.4pence per share to raise up to £1.4 million before costs.
The proceeds of the Placing will be applied to the continued development of the Company’s projects, the evaluation of new opportunities and for working capital purposes.
Daniel Stewart & Company plc, Nominated Adviser and joint Broker to the Company, acted for the Company in the Placing, which is conditional upon admission of the Placing Shares to trading on AIM.
Pursuant to this announcement application has been made for a total of 100,000,000 ordinary shares of 0.1 pence to be admitted to trading on AIM. Dealings are expected to commence on 23 December 2010. Following admission of these shares the Company will have a total of 472,750,639 shares in issue. The Placing Shares will rank pari passu in all respects with the ordinary shares of the Company currently traded on AIM.
Change of Name to ECR Minerals plc
The Company also announces that it has changed its name to ECR Minerals plc. The Company has elected to change its name in light of a trademark issue that has arisen in the USA.
Share dealings under the name ECR Minerals plc will therefore commence at 8.00 am on Friday 10 December 2010. The Company's TIDM will remain ECR. The ISIN carried by the Company’s ordinary shares of 0.1 pence will remain unchanged as GB00B0P4LQ95.
Patrick Harford, Managing Director of ECR Minerals plc, commented:
“ECR has raised additional capital to strengthen its financial position in order to prepare for a very active 2011. These funds will allow the Company to advance its existing projects more effectively and to take advantage of new opportunities.”
ECR Minerals plc is a mineral development company with interests in the USA, Argentina, Indonesia, Thailand and Australia.
For further information please contact:
|ECR Minerals plc|
|Michael Silver, Chairman||Tel:||+44 (0) 20 7929 1010|
|Patrick Harford, Managing Director|
|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|
|Barry Kaplan Associates|
|Larry Kaplan||Tel:||+1 732 747 0702|