ECR Minerals PLC - gold exploration & development company focused on Australia - Reports the placing of 90.9 million new shares at a placing price of 2.2 pence per share to raise gross proceeds of GBP2.0 million. Placees will receive one warrant for every two placing shares and accordingly 45.5 million warrants will be issued by the company. Each Warrant permits the holder to subscribe for one new share in ECR at a price of 3.75p for a period of 24 months from the date of admission.
The net proceeds of the placing will be used to ramp-up drilling and exploration activities on ECR's 100%-owned gold exploration projects in Victoria, Australia, and for working capital purposes.
Current stock price: 2.30 pence, down 11% on Friday
Year-to-date change: down 43%
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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ECR Minerals (ECR)