ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
US OTC: MTGDY
London: 10 July 2012 - ECR Minerals plc announces the issue and allotment of a total of 35,009,793 ordinary shares of 0.1p (“Ordinary Shares”) at 0.357043p per share in connection with an advance of GBP125,000 (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. Further to previous announcements, it remains the Company's intention to generate cash from the sale of certain of its assets as opportunities to do so on attractive terms become available.
Pursuant to this announcement application has been made for a total of 35,009,793 Ordinary Shares to be admitted to trading on AIM. Dealings are expected to commence on 13 July 2012. Following admission the Company will have a total of 805,476,573 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; a 21% fully diluted stake in THEMAC Resources Group Ltd (TSX-V: MAC), which is focused on the development of the Copper Flat copper-molybdenum-gold-silver porphyry deposit in New Mexico, USA to production; and stakes 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/Tessa Smith/David Hart||Tel:||+44 (0)20 7776 6550|