ECR Minerals Plc: Partial Conversion of Loan

12 Oct 2015 16:18

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

AIM: ECR

US OTC: MTGDY

PARTIAL CONVERSION OF LOAN

LONDON: 12 OCTOBER 2015 - ECR Minerals plc announces the issue and allotment of 124,095,238 new ordinary shares of 0.001 pence each in the Company (“Ordinary Shares”) at a price of 0.0525 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$650,000 in principal amount outstanding under the Facility.

A further 20,908,800 new Ordinary Shares are to be issued and allotted to YA Global at a price of 0.0525 pence per share in settlement of accrued interest.

Pursuant to this announcement, application has been made for 145,004,038 new Ordinary Shares of the Company to be admitted to trading on AIM. This is expected to occur on 16 October 2015 (“Admission”). Following Admission, it is expected that ECR’s issued ordinary share capital will consist of 4,987,718,674 Ordinary Shares. The new Ordinary Shares will rank pari passu in all respects with the Ordinary Shares of the Company currently traded on AIM.

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