ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
US OTC: MTGDY
LONDON: 12 JANUARY 2016 - ECR Minerals plc announces the issue and allotment of 455,907,336 new ordinary shares of 0.001 pence each in the Company (“Ordinary Shares”) at a price of 0.0227 pence per share pursuant to the conversion of US$150,000 of outstanding principal amount under the Company’s convertible loan facility (the “Facility”) with YA Global Master SPV Ltd (“YA Global”). Accordingly, the outstanding principal amount will be reduced by US$150,000, leaving a total of US$150,000 in principal amount outstanding under the Facility.
A further 58,039,184 new Ordinary Shares are to be issued and allotted to YA Global at a price of 0.0227 pence per share in settlement of accrued interest.
Pursuant to this announcement, application has been made for 513,946,520 new Ordinary Shares of the Company to be admitted to trading on AIM. This is expected to occur on 18 January 2016 (“Admission”). Following Admission, it is expected that ECR’s issued ordinary share capital will consist of 7,203,314,292 Ordinary Shares. The new Ordinary 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 Danglay epithermal gold project in the Philippines. Danglay is an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines. An NI43-101 technical report was completed in respect of the Danglay project in December 2015, and is available for download from ECR’s website.
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|
|William (Bill) Howell, Non-Executive Chairman||Tel:||+44 (0)20 7929 1010|
|Stephen Clayson, Director & CEO|
|Richard (Dick) Watts, Technical Director|
|Cairn Financial Advisers LLP|
|Nominated Adviser||Tel:||+44 (0)20 7148 7900|
|Jo Turner/Emma Earl|
|Vicarage Capital Ltd |
|Broker||Tel:||+44 (0)20 3651 2910|
|Rupert Williams/Jeremy Woodgate|