(Alliance News) - ECR Minerals PLC said its Australian subsidiary Mercator Gold Australia Pty Ltd has received its first payment relating to the hire purchase sale agreement.
The Australia-focused gold exploration company said Mercator agreed to dispose of its Coretech drilling rig with a mining operations company under a hire purchase arrangement back in December.
On Monday, Mercator received AUD53,000 from a mining operations company for its Coretech drilling rig.
The total consideration is AUSD350,000. A further AUD33,000 is now due every month for nine months until title in the asset transfers.
"ECR continues to push ahead with plans to sell its remaining non-core assets including 20 acres of land at Springmount in Victoria. Further updates will be provided as appropriate," ECR said.
The funds raised from these sales will be utilised to progress work on the company's portfolio, ECR added.
Shares in ECR fell 1.3% to 0.23 pence each in London on Monday afternoon.
By Sophie Rose, Alliance News senior reporter
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ECR Minerals (ECR)