ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
US OTC: MTGDY
LONDON: 9 SEPTEMBER 2015 - The directors of ECR Minerals plc (the “Directors”) are pleased to announce a subscription (the “Subscription”) for 100,000,000 new ordinary shares of ECR of 0.001 pence (the “Subscription Shares”) at a price of 0.045 pence each, for gross proceeds to the Company of £45,000.
The proceeds of the Subscription, which was entered into by the Company with a single high net worth/sophisticated investor, will be applied for general corporate purposes. The Subscription is conditional on the admission of the Subscription Shares to trading on AIM.
As previously announced, the Directors expect an initial NI43-101 resource estimate and technical report for the Itogon gold project in the Philippines to be completed in September 2015.
Pursuant to this announcement it is expected that application will be made for a total of 100,000,000 new ordinary shares of ECR of 0.001 pence to be admitted to trading on AIM. Admission to trading on AIM in respect of these new ordinary shares is expected to occur on 14 September 2015 (“Admission”). Following Admission, it is expected that the Company will have a total of 4,747,548,656 Ordinary Shares in issue. The Subscription Shares will rank pari passu in all respects with the Ordinary Shares of the Company currently traded on AIM.
ECR is a mineral exploration and development company with the right to earn a 50% interest in the Itogon epithermal gold project in the Philippines. Itogon is an advanced exploration project located in a prolific 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. Exploration at SLM has focused on identifying small tonnage mesothermal gold deposits which may be suitable for relatively near term production.
FOR FURTHER INFORMATION PLEASE CONTACT:
|ECR Minerals plc||Tel:||+44 (0)20 7929 1010|
|William (Bill) Howell, Non-Executive Chairman|
|Stephen Clayson, Director & Chief Executive Officer|
|Richard (Dick) Watts, Technical Director|
|Cairn Financial Advisers LLP||Tel:||+44 (0)20 7148 7900|
|Emma Earl/Jo Turner|
|Vicarage Capital Ltd||Tel:||+44 (0)20 3651 2910|
|Rupert Williams/Jeremy Woodgate|
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.