RE: September.... production to start planned9 Aug 2024 16:30
31 July 2024
Echo Energy PLC
("Echo" or the "Company")
Placing, Termination of Convertible Loan Note Deed, Appointment of Joint Broker & Total Voting Rights
Echo (LON:ECHO), the Latin America focused natural resources company, is pleased to announce it has successfully raised, via Peterhouse Capital Limited, £418,245 before expenses through the allotment and issue of 16,729,800,000 new ordinary shares ("Placing Shares") at a price of 0.0025p per share (the "Placing"). Proceeds of the Placing will be used to:
· enable the Company to initiate production at the Tesoro Gold Concession ("Tesoro"), through its 50%-owned Peruvian joint venture, Boku Resources SAC ("Boku"), by September 2024;
· prepare for a final investment decision on the first identified tailings deposit project; and
· strengthen the Company's balance sheet.
The Placing Shares will be issued in two