Here's another tipster14 Mar 2017 17:12
for you Bottmzup!! lol. Well perhaps more of write up come blog by Justin Waite of Vox Markets, who also happens to be invested here. Nothing that we don't already know but here it is in full...........
ECR has 3 Assets:
It’s wholly owned Australian subsidiary Mercator Gold Australia (MGA) has agreed to acquire 100% ownership of the Avoca and Bailieston gold projects in Victoria, Australia.
ECR has the right to earn a 50% interest in the Danglay epithermal gold project in the Philippines.
ECR’s wholly owned subsidiary Ochre Mining has a 100% interest in the SLM gold project in La Rioja Province, Argentina.
The Story
On 1st September Craig Brown was appointed as CEO of ECR in attempt to turnaround, what has been, a serial dissappointer for investors, under it’s previous stewardship.
Craig has previous form of taking exploration companies through to production and seems intent on doing the same with ECR.
Since his appointment, Craig has brought Christian Dennis on board as a non-executive director. Christian is a highly experienced stockbroker and is currently the CEO and a major shareholder of Optiva Securities Ltd.
Craig has also appointed Ivor Jones, as an executive director of the Company who is a geologist with 30 years’ experience in the industry and is currently practising as an independent consultant based in Australia.
On 27th February ECR announced that it conditionally raised gross proceeds of £553,564 via subscription by the Shenyang Xinliaoan Machinery Co Ltd, based in the People’s Republic of China, for 55,356,391 new ordinary shares at a price of 1p.
This is 29.9% of ECR and it’s subject to 12-month lock-up. ECR have already received a £100,000 non-refundable deposit from Shenyang Xinliaoan Machinery Co, to be converted into ordinary shares at a price of 2p per share, in the event the conditions of the Subscription are not satisfied by 31 March 2017.
The proceeds to be used for drilling programmes in Australia and Argentina and working capital including review of potential new projects and business areas.
The Risk
ECR is a small company and are about to undertake a drilling programme at it’s assets in Australia and Argentina. If the results aren’t positive, then this will obviously have a negative impact on it’s share price. Even though it’s not a priority for them, they are currently in dispute with the majority owners their Phillipines asset, Tiger International, who presently refuse to acknowledge ECR’s 25% interest in the Danglay project.
The Reward
ECR have the cash to carry out their drilling program, on their priority targets in Australia and Agentina. If the results show decent grades, then ECR market cap could surpass £10m relatively effortlessly.
Summary
When I interviewed Craig, he came a across as a down to earth, no nonesense, man who has both the experience and capability of taking this project forward. He’s alread
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