Less Ads, More Data, More Tools Register for FREE

Pin to quick picksECR Minerals Regulatory News (ECR)

Share Price Information for ECR Minerals (ECR)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 0.27
Bid: 0.26
Ask: 0.28
Change: 0.00 (0.00%)
Spread: 0.02 (7.692%)
Open: 0.27
High: 0.27
Low: 0.27
Prev. Close: 0.27
ECR Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

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
22nd Mar 20177:00 amBUSNew Australian Gold Exploration Licence Issued and Bailieston Project Licence Transfer Approved
7th Mar 20175:22 pmBUSPDMR Dealings
6th Mar 20177:00 amBUSRECEIPT OF DEPOSIT FOR SUBSCRIPTION AND NOTICE OF GENERAL MEETING
27th Feb 201712:22 pmBUSHolding(s) in Company
27th Feb 201711:03 amBUSIssue of Options
27th Feb 20177:00 amBUSProposed Subscription, Proposed Issue of Warrants and Issue of Equity
24th Feb 20173:29 pmBUSUpdate on the Philippines
21st Feb 201711:52 amBUSChange of Registered Office - Replacement
17th Feb 20177:00 amBUSChange of Registered Office
3rd Feb 20172:45 pmBUSUpdate on Victorian Gold Exploration Licences
27th Jan 201711:49 amBUSECR to Recommence Work on SLM Gold Project, Argentina
13th Jan 20171:03 pmBUSChange of Advisors
12th Dec 20169:14 amBUSHolding(s) in Company
2nd Dec 20162:28 pmBUSHolding(s) in Company
28th Nov 20167:00 amBUSPublication of Research Note
21st Nov 201611:55 amBUSResults of General Meeting
18th Nov 20167:00 amBUSPresentations and Exhibition
11th Nov 20161:15 pmBUSUpdate on Danglay Gold Project, Philippines
9th Nov 20167:00 amBUSPlanned Activities at Victorian Gold Projects, Australia
8th Nov 20167:11 amBUSDirectorate Change
4th Nov 20167:00 amBUSNotice of General Meeting and Proposed Capital Reorganisation
18th Oct 20165:15 pmBUSHolding(s) in Company
13th Oct 201611:19 amBUSHolding(s) in Company
12th Oct 20167:00 amBUSDirectorate change
27th Sep 20167:00 amBUSRepayment of Yorkville Facility
16th Sep 201612:35 pmBUSHolding(s) in Company
14th Sep 20164:27 pmBUSIssue of Equity
12th Sep 20163:47 pmBUSHolding(s) in Company
6th Sep 20167:00 amBUSIssue of Equity, Grant of Warrants & Appointment of Joint Broker
2nd Sep 20166:01 pmBUSConversion of Loan
1st Sep 20167:06 amBUSDirectorate change
26th Aug 20162:54 pmBUSDanglay Gold Project Update
23rd Aug 20161:47 pmBUSUPDATE ON ACTIVITIES AND ISSUE OF CONSIDERATION SHARES
3rd Aug 20169:20 amBUSDirectorate Change
2nd Aug 20163:09 pmBUSOperational and Financial Update
8th Jul 20167:00 amBUSHolding(s) in Company
4th Jul 20167:00 amBUSPlacing of Shares
30th Jun 20167:00 amBUSHalf-year Report
13th Jun 20167:00 amBUSUpdate on Activities
17th May 20162:53 pmBUSHolding(s) in Company
11th May 20161:50 pmBUSIssue of Equity
3rd May 20167:00 amBUSDirectorate change
27th Apr 20167:00 amBUSPlanned Activities at Avoca and Bailieston Gold Projects, Australia
20th Apr 20167:00 amBUSCompetent Person’s Report for Avoca and Bailieston Gold Projects, Australia
11th Apr 20169:14 amBUSHolding(s) in Company
7th Apr 201612:34 pmBUSHolding(s) in Company
31st Mar 20165:25 pmBUSConversion of Loan
31st Mar 201612:09 pmBUSResult of AGM
29th Mar 20161:58 pmBUSUpdate on Availability of JORC Report and Communications Update
14th Mar 201611:30 amBUSHolding(s) in Company

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.