) 316,010,093 Ordinary Shares at a price of 0.00635 pence per share in settlement of US$26,663 of fees due to Cosme Maria Beccar Varela, who provides legal and administrative services in relation to the Company’s activities in Argentina. These fees are for services provided in 2014, 2015 and 2016.
It would appear that as the RNS that the above appeared in was issued stating the share issues were final payments I guessMs Verela may have concluded her business with ECR.?
Agree that further placings will come, but the company were keen to stress that YA were paid from existing reserves rather than the placing proceeds. Therefore, we should see some progress on the existing projects or new ones before they need to raise again. In the interim, should see a rise based on YA leaving and renewed interest in ECR.
The ending today was easily predictable from being 35% up 5% with all buyers nursing 15% losses or more.
The underlying fundamentals of the RNS was still good, The company's cash position is very limited so to use scarce resources to settle with YA Global is extremely encouraging. It does suggest to me they have further funding plans ahead. It could involve consoldiation and further placings who knows.
The volume today was also good. It suggests to me it was more than just PIs buying. The volume has also allowed YA Global to rid themselves of some if not all of their existing shares. I am not for one moment suggesting ECR is out of the woods but today was encouraging.
Simon Cox reports on whether the UK's alternative investment market, known as Little Brother, is open to fraud, asking whether the light-touch regulation in place poses a hidden risk for shareholders and if unscrupulous businesses are exploiting the AIM to rip off ordinary British investors.
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