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(Sharecast News) - Australia-focussed gold explorer and developer ECR Minerals announced the fundraising of £0.59m before expenses on Thursday, to advance its projects in Victoria and Queensland.
The AIM-traded firm said the funds were raised by placing 195 million new shares at 0.3p each.
It noted that the placing price reflected a 30% discount from the closing medium market price of 0.43p on 13 March.
The net proceeds garnered from the placement were earmarked for the advancement of ECR's projects in Victoria and Queensland throughout 2024.
Specifically, the funds would be allocated to initiatives including stream sampling at Baillieston, Victoria, and reverse circulation drilling at Tambo, Victoria.
At Tambo, the company previously documented rock chips with 22 grams of gold per tonne, with silver and bismuth credits.
Additionally, the company said it planned trenching activities at Flaggy Creek and Reedy Creek in Lolworth, Queensland, intending to trench across multiple outcrops followed by reverse circulation drilling.
ECR Minerals also aimed to conduct reconnaissance efforts for Niobium rare earth elements (REE) and gold in streams over eastern tenements in Lolworth.
Geological mapping indicated the presence of pegmatite intrusion, covering around 45 square kilometres in the area.
"This fundraising is a significant achievement for ECR, coming at a more than 70% premium to our raise last September," said chief operating officer Mike Whitlow.
"We are now fully funded for our 2024 exploration programme.
"With our ongoing payments for the rig sale covering our general and administrative expenses, and our continued policy of settling supplier fees through the issue of shares, where possible, we have a strong balance sheet and believe we are well positioned to take advantage of any future opportunities that may arise."
At 1330 GMT, shares in ECR Minerals were down 20.93% at 0.34p.
Reporting by Josh White for Sharecast.com.
