LONDON: 28 MAY 2015 - ECR Minerals plc announces the issue and allotment of 89,464,286 new ordinary shares of 0.1 pence each in the Company (“Ordinary Shares”) at a price of £0.001092 (0.1092 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$1,135,712 in principal amount outstanding under the Facility.
A further 1,925,870 new Ordinary Shares are to be issued and allotted to YA Global at a price of £0.001092 (0.1092 pence) per share in settlement of accrued interest.
Pursuant to this announcement, application has been made for 91,390,156 new Ordinary Shares of the Company to be admitted to trading on AIM. This is expected to occur on 3 June 2015 (“Admission”). Following Admission, ECR’s issued ordinary share capital will consist of 3,804,556,498 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 3,804,556,498 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
There is a big difference between June and the End of June in fact 30 days to be precise, so the news could come at the beginning, the middle or the end, in other words they said June not the end of June.
Darlington, it is not stated anywhere that it is imminent - so I am not sure where you get this from -
It is expected in June and Clayson says he 'hopes' the delay is brief - so no guarantee there too - so once again, I will reiterate my view - at most 30 days (if it is June). There simply is no clarity.
I believe it looks good but too much delay is not looking good for the SP
Yeah I understand. I do get the impression that many LTSH here are ****ed off with this - but who knows - maybe this could be the turning pt? Who knows? 0.12 is still ridiculously low for a company investing in gold in two different parts of the world - with positive results first time and a potential JV . Let's see.
We should know now by end of June.
I was surprised with the delay considering that Clayson said in his previous interview that May is the month. He informed us of SLM developments - so true to his word there - we are now waiting for more SLM news in June and Itogon in May - I remember what happened with FTE when their SP went from 0.15 or 0.2 to 0.6p waiting for the JORC upgrade. That was a good time for those who were patient.
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