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ISSUE OF EQUITY

21 Oct 2010 16:11

ELECTRUM RESOURCES plc

("Electrum Resources", "Electrum" or the "Company")

AIM: ECR

US OTC: MTGDY

ISSUE OF EQUITY

ELECTRUM RAISES £300,000 THROUGH SEDA WITH YA GLOBAL

London: 21 October 2010 - Electrum Resources plc, the diversified mineral and renewable energy development company, announces that it has drawn down on its Standby Equity Distribution Agreement ("SEDA") with YA Global Master SPV, Ltd. ("YA Global") in the amount of £300,000 (the "Drawdown"). Details and certain conditions pursuant to the SEDA were notified by the Company on 19 April 2010.

The proceeds of the Drawdown will be applied primarily for the Company's planned gold exploration activities in Argentina and for general working capital purposes.

The SEDA is an equity financing mechanism that has been implemented by numerous companies listed on AIM and other international exchanges. Under the SEDA, YA Global has agreed to purchase up to a maximum of £4 million worth of ordinary shares of 0.1 pence par value in the Company ("Shares"), subject to certain conditions and limitations. YA Global is advised by Yorkville Advisors, LLC ("Yorkville"), an investment manager headquartered in Jersey City, New Jersey, USA. Yorkville operates in the United Kingdom through its affiliated entity Yorkville Advisors UK LLP, which is authorised and regulated by the FSA.

A total of 27,576,178 Shares have been issued to YA Global in respect of the Drawdown at an average of 1.0878 pence per Share.

Certain fees payable to YA Global in respect of the implementation of the SEDA have been satisfied by the issue of 3,051,369 Shares at an average price of 1.3109 pence per Share, which completes the payment of these fees.

Certain other fees payable in respect of the introduction of YA Global and Electrum have been satisfied by the issue of 2,034,246 Shares at an average price of 1.3109 pence per Share, which completes the payment of these fees.

A further 3,780,488 Shares at 0.82 pence per Share, 1,865,455 Shares at 1.1 pence per Share and 2,500,000 Shares as an agreed success fee have been issued to two parties in satisfaction of advisory fees unconnected with the SEDA, and a further 187,466 Shares have been issued at 0.8 pence per Share in settlement of convertible loan note interest.

Pursuant to this announcement application has been made for a total of 40,995,202 Shares to be admitted to trading on AIM. Dealings are expected to commence on 26 October 2010. Following admission of these shares the Company will have a total of 372,750,639 Shares in issue.

For further information please contact:

Electrum Resources plc

Michael Silver, Chairman Tel: +44 (0) 20 7929 1010

Patrick Harford, Managing Director

Email: info@electrum-resources.com

Website: www.electrum-resources.com

Daniel Stewart & Company plc

Oliver Rigby/Tessa Smith Tel: + 44 (0) 20 7776 6550

Old Park Lane Capital plc

Forbes Cutler, Director of Corporate Broking Tel: +44 (0) 20 7518 2603

Bankside Consultants Ltd

Simon Rothschild Tel: +44 (0) 20 7367 8888

Barry Kaplan Associates

Larry Kaplan Tel: +1 732 747 0702

Copyright Business Wire 2010

Date   Source Headline
30th Jun 20207:00 amBUSUnaudited Half-Yearly Results for the Six Months Ended 31 March 2020
27th Apr 20206:10 pmBUSTR-1: Standard form for notification of major holdings
27th Apr 20206:09 pmBUSAGM Statement
20th Apr 202010:12 amBUSSale of Exploration Licences for Cash
6th Apr 20207:00 amBUSIssue of Equity
31st Mar 20207:00 amBUSAnnual Financial Report
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20th Feb 20209:30 amBUSProgress Update - Australian Gold Exploration
5th Feb 202010:40 amBUSSale of SLM Gold Project
27th Jan 20207:00 amBUSUpdate on Windidda Project, Western Australia
16th Jan 20207:00 amBUSSignificant Research & Development Refund
5th Nov 201912:03 pmBUSUpdate on Creswick Gold Project, Victoria, Australia
15th Oct 201910:00 amBUSWindidda Gold Project Australia - Positive Geophysics Update
27th Sep 20197:00 amBUSAustralian Gold – Business Update
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19th Jul 201910:00 amBUSIssue of Shares for Business Services
15th Jul 201910:55 amBUSUpdate – Timor Gold Project - Australia
28th Jun 20197:00 amBUSUnaudited Half-Yearly Results for the Six Months Ended 31 March 2019
25th Jun 201912:18 pmBUSGold Exploration Commences - Timor Gold Project - Australia
24th Jun 20197:00 amBUSCreswick Gold – Resource Geologist Appointment
21st Jun 201910:14 amBUSProgress on Creswick Gold Project - Australia
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29th Mar 20197:00 amBUSAnnual Financial Report
14th Mar 201911:32 amBUSHigh Grade Gold Assays from Drilling at Blue Moon Prospect Victoria, Australia
4th Mar 201911:08 amBUSGold Drilling Update – Bailieston Black Cat Prospect Victoria Australia
28th Feb 201910:51 amBUSGold Drilling Update – Creswick & Blue Moon Australia
22nd Feb 201911:43 amBUSDirectorate change
13th Feb 20197:00 amBUSDrilling Update – Black Cat Gold Prospect, Australia
12th Feb 20197:00 amBUSResearch Report for ECR Minerals
8th Feb 201912:00 pmBUSDrilling Update - Creswick Gold Project Australia
4th Feb 20197:00 amBUSAdditional Drilling Programme - Black Cat Gold Prospect in Victoria, Australia
29th Jan 20199:30 amBUSGold Focused Drill Programme to Commence - Victoria Region Australia
17th Jan 20197:00 amBUSWindidda Gold Project Presentation – Yilgarn, Western Australia
3rd Jan 201910:23 amBUSStrategic Gold Licence Applications – Yilgarn Region Australia - Replacement
2nd Jan 20197:00 amBUSStrategic Gold Licence Applications – Yilgarn Region Australia
20th Dec 20184:09 pmBUSDirector Participation – Strategic Financing
17th Dec 20187:00 amBUSStrategic Financing and Business Update
4th Dec 20187:00 amBUSNew Licence Applications – Australian Gold Portfolio
13th Nov 20187:34 amBUSNew ECR Corporate & SLM Presentations
6th Nov 20182:00 pmBUSStrategic Business Update

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