ECR Minerals Regulatory News (ECR)

17 Jul 2015 14:58

ECR MINERALS plc

(“ECR Minerals”, “ECR” or the “Company”)

AIM: ECR

US OTC: MTGDY

PARTIAL CONVERSION OF LOAN

LONDON: 17 JULY 2015 - ECR Minerals plc announces the issue and allotment of 90,183,357 new ordinary shares of 0.001 pence each in the Company (“Ordinary Shares”) at a price of 0.0709 pence per share pursuant to the conversion of US$100,000 of outstanding principal amount under the Company’s convertible loan facility (the “Facility”) with YA Global Master SPV Ltd (“YA Global”). Accordingly, the outstanding principal amount will be reduced by US$100,000, leaving a total of US$935,712 in principal amount outstanding under the Facility.

A further 2,399,774 new Ordinary Shares are to be issued and allotted to YA Global at a price of 0.0709 pence per share in settlement of accrued interest.

Pursuant to this announcement, application has been made for 92,583,131 new Ordinary Shares of the Company to be admitted to trading on AIM. This is expected to occur on 23 July 2015 (“Admission”). Following Admission, ECR’s issued ordinary share capital will consist of 3,959,612,463 Ordinary Shares. The new Ordinary Shares will rank pari passu in all respects with the Ordinary Shares of the Company currently traded on AIM.

The total of 3,959,612,463 Ordinary Shares may therefore be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA’s Disclosure and Transparency Rules.

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