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(Alliance News) - ECR Minerals PLC said on Wednesday it will pay GoldOz PL its owed adviser fees in connection with a recent acquisition.
The mineral exploration firm focusing on gold projects in Victoria, Australia said it will issue AUD120,000 in fees to GoldOz PL via a cash payment of AUD60,000 and AUD60,000 in issued shares.
ECR Minerals said it expected 3.3 million issued shares at a price of 1.03 pence to be admitted for trading on AIM on or around November 28.
On October 27, ECR Minerals acquired Placer Gold Pty Ltd on October 27 for around AUD6.9 million. Placer Gold was the beneficial holder of three granted mining tenements in north eastern Queensland, together known as the Hurricane Project.
Shares in ECR Minerals were down by 2.4% to 1.02 pence in London on Wednesday afternoon.
By Greg Rosenvinge; gregrosenvinge@alliancenews.com
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