ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
US OTC: MTGDY
LONDON: 5 DECEMBER 2014 - ECR Minerals plc announces the issue and allotment of 102,905,100 new ordinary shares of 0.1 pence each in the Company (“Ordinary Shares”) at a price of £0.001549 (0.1549 pence) per share pursuant to the conversion of US$250,000 of the outstanding principal amount of the convertible loan of US$1.5 million (the “Loan”) received from YA Global Master SPV Ltd (“YA Global”) and announced on 3 September 2014. Accordingly, the outstanding principal amount of the Loan will be reduced by US$250,000, leaving US$1,150,000 outstanding.
Pursuant to this announcement, application has been made for 102,905,100 new Ordinary Shares of the Company to be admitted to trading on AIM. This is expected to occur on 11 December 2014 (“Admission”). Following Admission, ECR’s issued ordinary share capital will consist of 3,391,254,254 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 3,391,254,254 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.
ECR is a mineral exploration and development company with, among other interests, the right to earn a 50% interest in the Itogon gold project in the Philippines. Itogon is an advanced exploration project located in a gold and copper mining district in the north of the Philippines.
ECR has a 100% interest in the SLM gold project in La Rioja Province, Argentina, the exploration strategy for which is to delineate multiple medium to high grade, low tonnage deposits suitable for advancement to production on a relatively low capital, near term basis.
ECR continues to review potential new investments on a highly selective basis, with a concentration on precious, base and strategic metals projects in Asia and South America.
FOR FURTHER INFORMATION PLEASE CONTACT:
|ECR Minerals plc||Tel:||+44 (0)20 7929 1010|
|Paul Johnson, Non-Executive Chairman|
|Stephen Clayson, Director & Chief Executive Officer|
|Richard (Dick) Watts, Technical Director|
|Daniel Stewart & Company plc||Tel:||+44 (0)20 7776 6550|
|Emma Earl/David Coffman (Nominated Adviser)|
|Colin Rowbury (Broker)|