REG-ECR Minerals plc Conditional Fundraise of £580,000 & Proposed General Meeting

ECR MineralsAnnouncement

18/09/2023 07:15

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Conditional Fundraise of £580,000 & Proposed General Meeting

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW
BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"), AND IS
DISCLOSED IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF
MAR. IN ADDITION, MARKET SOUNDINGS (AS DEFINED IN MAR) WERE TAKEN IN RESPECT
OF THE MATTERS CONTAINED IN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN
PERSONS BECAME AWARE OF SUCH INSIDE INFORMATION AS PERMITTED BY MAR. THAT
INSIDE INFORMATION IS SET OUT IN THIS ANNOUNCEMENT AND HAS BEEN DISCLOSED AS
SOON AS POSSIBLE IN ACCORDANCE WITH PARAGRAPH 7 OF ARTICLE 17 OF MAR. UPON THE
PUBLICATION OF THIS ANNOUNCEMENT, THE INSIDE INFORMATION IS NOW CONSIDERED TO
BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN
POSSESSION OF INSIDE INFORMATION IN RELATION TO THE COMPANY AND ITS SECURITIES

ECR MINERALS plc

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

Conditional Fundraise of £580,000

Proposed General Meeting

ECR Minerals plc (LON: ECR), the exploration and development company focused
on gold in Australia, is pleased to announce that the Company has
conditionally raised £580,000 by way of a direct subscription
(“Subscription”) through the issue of 331,392,844 new ordinary shares in
the Company ("New Ordinary Shares"), at a price of 0.175p per New Ordinary
Share.

The Subscription, which generated material interest from a number of
prospective investors, has been agreed with high net worth individuals and
institutional investors and has been carried out directly by the Company,
without payment of commissions.

The funds raised will be used to advance the Company’s extensive existing
assets; new potential opportunities and for working capital purposes.

The issue of the New Ordinary Shares is conditional on (i) the passing of
certain resolutions to give the Directors the authority to implement the
Subscription and issue the New Ordinary Shares (the “Resolutions”). These
resolutions are to be proposed to shareholders of the Company at an upcoming
General Meeting of the Company (“General Meeting”); and (ii) Admission of
the New Ordinary Shares to trading on AIM.

The Directors anticipate posting a circular convening the General Meeting
shortly and a further announcement will be made at that time.

ECR Managing Director Nick Tulloch commented: “I am delighted to announce
that notwithstanding the challenging market conditions, the quality of ECR’s
assets has resulted in this support from a core group of high net worth and
institutional shareholders.

“The Board anticipates that, if approved, the funds raised will primarily be
allocated to fast track ECR’s Queensland projects, plus there are a number
of new opportunities on the table that the Board may decide to progress once
the appropriate due diligence has been undertaken. Along with my Board
colleagues, I look forward to reporting further progress very shortly.”

Application will be made for the New Ordinary Shares to be admitted to trading
on AIM ("Admission") and it is expected that Admission will become effective
on or around 10 October 2023 (subject to the date of, and approval at, the
General Meeting).

If the Resolutions are not approved at the proposed General Meeting, the
Company will be required to source alternative funding in the short term to
meet its immediate working capital requirements.

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                                                                                                                                                                                                                                                                  
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 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 also has an option to acquire 100% of Placer Gold, which wholly
owns the Hurricane Project, a later stage gold and antimony project located
west of Cairns in the Hodgkinson Province, NE 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.



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ECR Minerals plc


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