Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc. Watch the full video here.

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: 0.285
Bid: 0.28
Ask: 0.29
Change: -0.01 (-3.39%)
Spread: 0.01 (3.571%)
Open: 0.295
High: 0.295
Low: 0.285
Prev. Close: 0.295
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

14 Sep 2016 16:27

ECR MINERALS plc

(“ECR” or the “Company”)

ISSUE OF EQUITY

LONDON: 14 SEPTEMBER 2016 - The directors of ECR Minerals plc (the “Board”) announce the issue of 2,415,537,133 new ordinary shares in the Company of 0.001 pence (“Ordinary Shares”) to settle the following liabilities of the Company.

a) 414,538,378 Ordinary Shares at a price of 0.0069375 pence per share to satisfy the second tranche of Consideration Shares (as that term is defined in the Company’s announcement dated 3 March 2016), pursuant to the acquisition by the Company’s subsidiary Mercator Gold Australia Pty Ltd of 100% ownership of the Avoca and Bailieston gold projects in Victoria, Australia.

b) 110,185,512 Ordinary Shares at a price of 0.00635 pence per share in settlement of unpaid salary and consulting fees due to a former employee and certain former consultants.

c) 316,010,093 Ordinary Shares at a price of 0.00635 pence per share in settlement of US$26,663 of fees due to Cosme Maria Beccar Varela, who provides legal and administrative services in relation to the Company’s activities in Argentina. These fees are for services provided in 2014, 2015 and 2016.

d) 1,574,803,150 Ordinary Shares at a price of 0.00635 pence per share in settlement of £100,000 in unpaid salary due to Stephen Clayson, a former director and the former CEO of the Company. This amount is legally due to Mr Clayson, and arises from unpaid salary accrued during 2014 and 2015. The amount was included in the Company’s 2015 audited financial statements and has been reported to HMRC.

Items c) and d) constitute related party transactions under the AIM Rules for Companies, by virtue of Stephen Clayson having been a director of ECR within the preceding twelve months, and by virtue of Cosme Maria Beccar Varela being a director of Ochre Mining SA, a subsidiary of ECR. The current directors of ECR consider, having consulted with Cairn Financial Advisers LLP, the Company’s nominated adviser, that the terms of these related party transactions are fair and reasonable insofar as ECR shareholders are concerned.

Settlement of the items above will substantially reduce ECR’s outstanding liabilities, and settlement of these items in Ordinary Shares rather than cash enables the Company to preserve working capital for other purposes.

Admission of Subscription Shares to AIM

Pursuant to this announcement, application has been made for a total of 2,415,537,133 Ordinary Shares (“New Ordinary Shares”) to be admitted to trading on AIM (“Admission”), which is expected to occur on or around 20 September 2016. Following Admission of the New Ordinary Shares and the Subscription Shares (as such term is defined in the Company’s announcement of 6 September 2016), ECR’s issued ordinary share capital will comprise 25,845,287,953 Ordinary Shares. This number represents the total voting rights in the Company and following Admission may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules. The new Ordinary Shares will rank pari passu in all respects with the Ordinary Shares of the Company currently traded on AIM.

Following Admission, and the admission to trading on AIM of the Subscription Shares referred to in the Company’s announcement dated 6 September 2016, Stephen Clayson will be beneficially interested in 1,642,426,928 Ordinary Shares, equating to approximately 6.35% of the Company’s issued Ordinary Share capital.

Market Abuse Regulations (EU) No. 596/2014

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (“MAR”). Upon the publication of this announcement via Regulatory Information Service (“RIS”), this inside information is now considered to be in the public domain.

ABOUT ECR

ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia has acquired 100% ownership of the Avoca and Bailieston gold projects in Victoria, Australia. ECR has earned a 25% interest in the Danglay epithermal gold project, an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines. An NI43-101 technical report was completed in respect of the Danglay project in December 2015, and is available for download from ECR’s website.

ECR’s wholly owned subsidiary Ochre Mining has a 100% interest in the SLM gold project in La Rioja, Argentina. Exploration at SLM has focused on identifying small tonnage mesothermal gold deposits which may be suitable for relatively near term production.

FOR FURTHER INFORMATION, PLEASE CONTACT:

ECR Minerals plc Tel: +44 (0)20 7929 1010
William (Bill) Howell, Non-Executive Chairman
Craig Brown, Director & CEO
Richard (Dick) Watts, Non-Executive Technical Director
Email: info@ecrminerals.com
Website: www.ecrminerals.com
Cairn Financial Advisers LLP Tel: +44 (0)20 7148 7900
Nominated Adviser
Emma Earl / Jo Turner
Optiva Securities Ltd Tel: +44 (0)203 137 1902
Joint Broker
Christian Dennis
Vicarage Capital Ltd Tel: +44 (0)20 3651 2910
Joint Broker
Rupert Williams / Jeremy Woodgate
Blytheweigh Tel: +44 (0)20 7138 3204
Public Relations
Tim Blythe / Camilla Horsfall

FORWARD LOOKING STATEMENTS

This announcement may include forward looking statements. Such statements may be subject to a number of known and unknown risks, uncertainties and other factors that could cause actual results or events to differ materially from current expectations. There can be no assurance that such statements will prove to be accurate and therefore actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. Any forward looking statements contained herein speak only as of the date hereof (unless stated otherwise) and, except as may be required by applicable laws or regulations (including the AIM Rules for Companies), the Company disclaims any obligation to update or modify such forward looking statements as a result of new information, future events or for any other reason.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160914005924/en/

Copyright Business Wire 2016

Date   Source Headline
14th Mar 20247:04 amRNSPlacing raises £585,000 & Joint Broker Appointed
14th Mar 20247:02 amRNSIssue of Equity, Total Voting Rights, PDMR Dealing
15th Feb 20241:36 pmRNSBoard Changes
5th Feb 20249:55 amRNSPreliminary findings from Creswick drilling
23rd Jan 20247:03 amRNSBoard Change
15th Jan 202412:46 pmRNSFurther re the sale of Non-Core Assets
10th Jan 20247:04 amRNSReview of Lolworth Project
18th Dec 20237:05 amRNSSale of Non-Core Assets
14th Dec 20237:01 amRNSIssue of Equity, Total Voting Rights, PDMR Dealing
12th Dec 202310:50 amRNSDrilling Underway at the Creswick Project
11th Dec 20237:04 amRNSUpdate on Planned Drilling at Creswick
1st Dec 20237:18 amRNSSalary Sacrifice Share Admission and TVR
24th Nov 20231:18 pmRNSECR Board members attending Mines and Money
20th Nov 20237:04 amRNSLolworth Results Suggest Extended Mineralisation
16th Nov 202310:55 amRNSCorrection - Director Share Agreements
16th Nov 20237:36 amRNSUpdate on Drilling & Director Share Agreements
31st Oct 20237:05 amRNSGold Bearing Quartz Veins Discovered at Lolworth
23rd Oct 20237:04 amRNSEncouraging Gold Results from Lolworth Project
20th Oct 20235:09 pmRNSCancellation of Share Options
20th Oct 20234:56 pmRNSTermination of option to acquire Hurricane Project
6th Oct 20234:08 pmRNSResult of General Meeting & Total Voting Rights
5th Oct 20237:05 amRNSHurricane: Final Rock Chip Results & Prospectivity
2nd Oct 20237:04 amRNSHurricane Option Extension & Rock Chip Results
27th Sep 202311:07 amRNSAdditional License Application at Kondaparinga
25th Sep 20239:18 amBUSExtended Gold Prospectivity and Niobium Bullseye Discovery at the Lolworth Project
21st Sep 202310:34 amBUSAsset Overview and Evaluation
19th Sep 20237:34 amBUSPosting of Circular, Notice of GM, Directors Share Agreements & PDMR Dealing
18th Sep 20237:04 amBUSConditional Fundraise of £580,000 & Proposed General Meeting
15th Sep 20231:12 pmBUSBoard and Management Changes
15th Aug 20233:09 pmBUSGold & Niobium Rock Chip Results from the Lolworth Project
10th Aug 20237:15 amBUSRock Chip Results from Tambo Licence EL7484 and Renewal of Bailieston Licence EL5433
8th Aug 20237:06 amBUSLatest Results for Lolworth Gold, Niobium, Tantalum and REE Samples
20th Jul 20233:15 pmBUSFurther Gold Results from Soil Sampling at Quartz Hill, Creswick
19th Jul 20232:57 pmBUSInitial interpretations of pXRF analysis from the first Lolworth Range Niobium Soil Grid
12th Jul 202312:18 pmBUSPotential Exploration Targets Defined from LIDAR Survey at Hurricane Project
30th Jun 202310:42 amBUSHalf-year Report
25th May 202312:38 pmBUSPotential for Rare Earth Minerals at the Lolworth Range Project, Queensland
22nd May 20237:59 amBUSVictoria Exploration and Queensland Project Updates
9th May 20238:30 amBUS2023 Exploration Season Commences at the Lolworth Range Project, Queensland
9th May 20237:04 amBUSFunds From Sale of Bailieston Property Now Received
2nd May 20233:32 pmBUSFurther Gold Results from Creswick Soil Sampling Campaign
24th Apr 202310:12 amBUSResult of AGM
17th Apr 20238:08 amBUSIssue of Options
17th Apr 20237:04 amBUSLatest Results from Soil Sampling at the Creswick Project
5th Apr 202311:20 amBUSProposed Acquisition of Blue Mountain Project, Queensland
3rd Apr 20237:05 amBUSFinal Niobium and Tantalum Stream Results Extend Anomalous Footprint at Lolworth Range Project, Queensland
3rd Apr 20237:00 amBUSFinal Results
23rd Mar 20237:16 amBUSFurther Stream Sampling Results Identify New Gold Anomalies at Lolworth Range Project, Queensland
3rd Mar 20233:01 pmBUSDiamond Drilling Programme commences at Creswick
1st Mar 20237:04 amBUSSecond ECR Drill Rig Arrives At Melbourne

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.