ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
US OTC: MTGDY
LONDON: 6 SEPTEMBER 2013
ECR Minerals plc announces that further to its announcement of 5 August 2013, the Company has posted notification to the holders of share purchase warrants exercisable to acquire one ordinary share of ECR of 0.1p at a price of 0.2p (the “Warrants”) that the mid-market closing price of the Company’s ordinary shares has exceeded 0.25p for 10 consecutive trading days, and that accordingly the Warrants must be exercised within 7 business days of deemed receipt of such notification by Warrant holders, or else will expire.
The Warrants were granted by the Company in connection with the redemption of convertible loan notes, and 42,500,000 out of an original total of 392,500,000 Warrants have already been exercised. Accordingly, 350,000,000 Warrants remain outstanding, and exercise of these remaining Warrants would result in the issue of 350,000,000 new ordinary shares of ECR and an improvement in the Company’s cash position in the amount of £700,000.
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.
The Company 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.