REG - ECR Minerals PLC - Cancellation of Share Options

ECR MineralsAnnouncement

20/10/2023 17:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231020:nRST8660Qa&default-theme=true

RNS Number : 8660Q  ECR Minerals PLC  20 October 2023

ECR MINERALS plc

("ECR Minerals" or the "Company")

Cancellation of Share Options

ECR Minerals plc (LON:ECR), the exploration and development company focused on
gold in Australia, announces that it has agreed with certain Directors to
cancel the following share options ("Options") over 54,000,000 ordinary shares
in the Company (the "Cancellation"). No further Options will be issued in the
near term.

 Name of Director       Option issued on 17 April 2023 (three tranches exercisable at 1p, 2p and 3p)  Option issued 23 January 2022 (at an exercise price of 2.2p  Total Options which are the subject of the Cancellation  Total Options held by directors following the Cancellation
 David Tang (Chairman)  6,000,000                                                                     10,000,000                                                   16,000,000                                               NIL
 Adam Jones             12,000,000                                                                    5,000,000                                                    17,000,000                                               NIL
 Andrew Scott           6,000,000                                                                     15,000,000                                                   21,000,000                                               NIL
 Nick Tulloch           NIL                                                                           NIL                                                          NIL                                                      NIL
 Trevor Davenport       NIL                                                                           NIL                                                          NIL                                                      NIL
 TOTAL                  24,000,000                                                                    30,000,000                                                   54,000,000                                               0

 

ECR Managing Director Nick Tulloch commented: "Our Board are fully focussed on
aligning with shareholders amid these challenging market conditions and we
have also sought to limit as far as possible any further dilution for
shareholders. The cancellation of all outstanding share options marks a
significant recognition in that regard.  At the time of our recent
fundraising, Mike Whitlow and I joined on a substantially performance-based
remuneration package and other members of the board sacrificed part of their
salary to take shares at the fundraising price.  I would expect any further
equity awards that we may make to management to follow this template."

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

 ECR Minerals plc                                                                                                                                                                                                                                           Tel: +44 (0) 20 7929 1010
 David Tang, Non-Executive Chairman

 Nick Tulloch, Managing Director

 Andrew Scott, Director

 Email:

 info@ecrminerals.com (mailto:info@ecrminerals.com)
 Website: www.ecrminerals.com
 (http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.ecrminerals.com%2F&esheet=51817334&newsitemid=20180605005810&lan=en-US&anchor=www.ecrminerals.com&index=1&md5=820ad49dc1fc2c84a0538453c017bc1b)

 WH Ireland Ltd                                                                                                                                                                                                                                             Tel: +44 (0) 207 220 1666
 Nominated Adviser

 Katy Mitchell / Andrew de Andrade

 SI Capital Ltd                                                                                                                                                                                                                                             Tel: +44 (0) 1483 413500
 Broker
 Nick Emerson

 Novum Securities Limited                                                                                                                                                                                                                                   Tel: +44 (0) 20 7399 9425
 Broker

 Jon Belliss

 Brand Communications                                                                                                                                                                                                                                       Tel: +44 (0) 7976 431608
 Public & Investor Relations
 Alan Green

 

ABOUT ECR MINERALS PLC

 

ECR Minerals is a mineral exploration and development company. ECR's wholly
owned Australian subsidiary Mercator Gold Australia Pty Ltd ("MGA") has 100%
ownership of the Bailieston and Creswick gold projects in central Victoria,
Australia, has six licence applications outstanding which includes one licence
application lodged in eastern Victoria (Tambo gold project).

 

ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd
("LUX"), which has three approved exploration permits covering 946 km(2) over
a relatively unexplored area in Lolworth Range, Queensland, Australia. The
Company has also submitted a license application at Kondaparinga which is
approx 120km(2) in area and located within the Hodgkinson Gold Province,
80km NW of Mareeba, North Queensland.

 

Following the sale of the Avoca, Moormbool and Timor gold projects in
Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the
subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd
(TSX-V: LVX), Mercator Gold Australia Pty Limited has the right to receive up
to A$2 million in payments subject to future resource estimation or production
from projects sold to Fosterville South Exploration Limited.

 

ECR holds a 90% interest in the Danglay gold project; an advanced exploration
project located in a prolific gold and copper mining district in the north of
the Philippines, which has a 43-101 compliant resource. ECR also holds a
royalty on the SLM gold project in La Rioja Province, Argentina and can
potentially receive up to US$2.7 million in aggregate across all licences.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCQBLFLXBLBFBV