ECR Minerals plc Partial Conversion of Loan
May 07 2015 - 8:35AM
UK Regulatory
TIDMECR
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
AIM: ECR
US OTC: MTGDY
PARTIAL CONVERSION OF LOAN
LONDON: 7 MAY 2015 - ECR Minerals plc announces the issue and
allotment of 58,917,710 new ordinary shares of 0.1 pence each in
the Company ("Ordinary Shares") at a price of GBP0.001118 (0.1118
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$1,285,712 in principal
amount outstanding under the Facility.
A further 923,828 new Ordinary Shares are to be issued and
allotted to YA Global at a price of GBP0.001118 (0.1118 pence) per
share in settlement of accrued interest.
Pursuant to this announcement, application has been made for
59,841,538 new Ordinary Shares of the Company to be admitted to
trading on AIM. This is expected to occur on 12 May 2015
("Admission"). Following Admission, ECR's issued ordinary share
capital will consist of 3,713,166,342 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 3,713,166,342 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.
ABOUT ECR
ECR is a mineral exploration and development company with, among
other interests, the right to earn a 50% interest in the Itogon
gold project in the Philippines. Itogon is an advanced exploration
project located in a gold and copper mining district in the north
of the Philippines.
ECR has a 100% interest in the SLM gold project in La Rioja
Province, Argentina, the exploration strategy for which is to
delineate multiple medium to high grade, low tonnage deposits
suitable for advancement to production on a relatively low capital,
near term basis.
ECR continues to review potential new investments on a highly
selective basis, with a concentration on precious, base and
strategic metals projects in Asia and South America.
FOR FURTHER INFORMATION PLEASE CONTACT:
ECR Minerals plc Tel: +44 (0)20 7929 1010
Paul Johnson, Non-Executive Chairman
Stephen Clayson, Director & CEO
Richard (Dick) Watts, Technical Director
Email: info@ecrminerals.com
Website: www.ecrminerals.com
Cairn Financial Advisers LLP Tel: +44 (0)207 148 7900
Nominated Adviser
Jo Turner/Emma Earl
Daniel Stewart & Company plc Tel: +44 (0)20 7776 6550
Broker
Martin Lampshire
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.
This information is provided by Business Wire
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