REG - ECR Minerals PLC - Issue of Equity, TVR & PDMR Dealings

ECR MineralsAnnouncement

01/04/2025 07:15

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RNS Number : 0270D  ECR Minerals PLC  01 April 2025

1 April 2025

 

ECR MINERALS PLC

 

("ECR Minerals", "ECR" or the "Company")

 

Issue of Equity, Total Voting Rights

and

PDMR dealings

 

ECR Minerals plc (LON: ECR), the exploration and development company focused
on gold in Australia, is pleased to announce the issue of new ordinary shares
of 0.001 pence each in ECR (the "Ordinary Shares") in respect of the board of
directors of ECR's (the "Board" or the Directors") ongoing remuneration
policy, whereby each Director and certain consultants to the Company are
remunerated partially through the issue of new Ordinary Shares.

 

In accordance with their existing share-based remuneration arrangements,
announced originally on 19 September 2023, Nick Tulloch, Chairman, and Mike
Whitlow, Managing Director, will each receive 9,816,325 new Ordinary Shares,
as payment in lieu of £22,500 of their accrued remuneration for the period
from 1 January 2025 to 31 March 2025.

 

Also on 19 September 2023, it was announced that the Company's Non-Executive
Directors had agreed to subscribe for new Ordinary Shares as payment in
lieu of their salary. As subsequently announced on 2 October 2024, with the
salary sacrifice scheme passing its first anniversary, the Board updated the
arrangements such that each Director will continue to accept a material part
of their remuneration through the issue of new Ordinary Shares for at least a
further 12 months.  In accordance with these updated arrangements, Andrew
Scott, Non-executive Director, will also receive 2,617,686 new Ordinary
Shares, as payment in lieu of £6,000 of his accrued remuneration for the same
period. The new Ordinary Shares will be issued at a price of 0.22921 pence per
new Ordinary Share, which was the volume weighted average share price for
Ordinary Shares over the previous 14 days.

 

A further 2,617,686 new Ordinary Shares will also be issued at a price of
0.22921 pence per new Ordinary Share as payment in lieu of £6,000 of the
remuneration of a consultant to the Company during the period from 1 January
2025 to 31 March 2025.

 

Additional Issue of Equity

 

The Company has agreed to issue and allot 2,617,686 new Ordinary Shares as
payment in lieu of £6,000 of accrued fees owed by the Company to a
professional adviser, in order to assist the Company in conserving its cash
resources. These new Ordinary Shares will be issued at a price of 0.22921
pence per new Ordinary Share, which was the volume weighted average price for
Ordinary Shares over the 14 trading days prior to the date of the invoice.

 

PDMR dealings

 

Pursuant to the arrangements set out above, a total of 27,485,708 new Ordinary
Shares will be issued by the Company. Following this issuance, the total
numbers of Ordinary Shares that will be held following Admission (as defined
below) by the Directors, as Persons Discharging Managerial Responsibility
("PDMRs") of the Company as at the date of this announcement, are as follows:

 

 Name          New Ordinary Shares to be issued  Total Ordinary Shares held in the Company following Admission  As a percentage of the Company's enlarged issued ordinary share capital
                                                                                                                following Admission
 Nick Tulloch  9,816,325                         57,201,287                                                     2.55%
 Mike Whitlow  9,816,325                         57,201,287                                                     2.55%
 Andrew Scott  2,617,686                         22,048,521                                                     0.98%
 Total         22,250,336

 

The FCA notification in respect of these PDMR dealings, made in accordance
with the requirements of the UK Market Abuse Regulation, is appended further
below.

 

Admission and Total Voting Rights

 

Application has been made for 27,485,708 new Ordinary Shares to be admitted to
trading on AIM ("Admission") and it is expected that Admission will become
effective on or around 7 April 2025. The 27,485,708 new Ordinary Shares will
rank pari passu with the existing Ordinary Shares. Upon Admission, ECR's
issued ordinary share capital will comprise 2,242,655,302 Ordinary Shares.
This number will represent the total voting rights in the Company, and,
following Admission may be used by shareholders as the denominator for the
calculation by which they can determine if they are required to notify their
interest in, or a change to their interest in, the Company under the Financial
Conduct Authority's Disclosure Guidance and Transparency Rules.

 

Nick Tulloch, Chairman of ECR, said: "Our policy of remunerating directors and
senior members of our team partially through new Ordinary Shares has now
passed 18 months and remains ongoing.  We continue to focus on maximising the
value of our assets and cash resources while aligning our interests with those
of the Company's shareholders.

 

"We have a great deal to look forward to during 2025.  The highlight will be
the ongoing work to bring our Blue Mountain gold project potentially into
production but, in the nearer term, we expect to commence our drilling
campaign at Bailieston to examine the possibility of an antimony resource.
The rising price of this metalloid makes it one of the best performing
commodities over the past 12 months and our own prior drilling results,
coupled with proven resources nearby, gives cause for optimisim on this
project.  Alongside that, we are putting plans in place for drilling at
Lolworth and continuing to conduct due diligence on our potential acquisition
of Maximus Minerals.

 

We may be a small company but, through the breadth of our assets and efforts
of the team, we punch above our weight."

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

 ECR Minerals Plc                                                                                                                                                                                                                                                     Tel: +44 (0) 1738 317 693
 Nick Tulloch, Chairman

 Andrew Scott, Director

 Email:

 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)

 Allenby Capital Limited                                                                                                                                                                                                                                              Tel: +44 (0) 3328 5656
 Nominated Adviser                                                                                                                                                                                                                                                    info@allenbycapital.com (mailto:info@allenbycapital.com)

 Nick Naylor / Alex Brearley / Vivek Bhardwaj

 Axis Capital Markets Limited                                                                                                                                                                                                                                         Tel: +44 (0) 203 026 0320
 Broker
 Ben Tadd / Lewis Jones

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

 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
approximately 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), MGA 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.

 

MGA also has approximately A$75 million of unutilised tax losses incurred
during previous operations.

 

ECR is also in exclusive negotiations to acquire Maximus Minerals Ltd for
£500,000 along with exercising that company's option over the Cat Key
advanced gold project for C$600,000.  The consideration, if the transaction
completes, will be settled in new ECR shares, issued at no less than 0.33
pence per share.

 

Director/PDMR MAR disclosures

 

The following notification, made in accordance with the requirements of the UK
Market Abuse Regulation, gives further details.

 

 1     Details of the person discharging managerial responsibilities / person closely
       associated
 a)    Name

Name          Position
                                                                      Nick Tulloch  Chairman
                                                                      Mike Whitlow  Managing Director
                                                                      Andrew Scott  Non-Executive Director

 

 2     Reason for the notification
 a)    Position/status                                                See above

 b)    Initial notification /Amendment                                Initial notification
 3     Details of the issuer, emission allowance market participant, auction
       platform, auctioneer or auction monitor
 a)    Name                                                           ECR Minerals plc
 b)    LEI                                                            213800PBXY96KXHISJ17
 4     Details of the transaction(s): section to be repeated for (i) each type of

     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
       place where transactions have been conducted
 a)    Description of the financial instrument, type of instrument    Ordinary shares of 0.001p each in ECR Minerals plc

       Identification code                                            Identification code (ISIN) for ECR Minerals plc ordinary shares: GB00BYYDKX57
 b)    Nature of the transaction                                      Issue of new Ordinary Shares in lieu of salary
 c)    Price(s) and volume(s)                                         Name           Price(s)        Volume(s)
                                                                      Nick Tulloch  0.22921  pence   9,816,325
                                                                      Mike Whitlow  0.22921  pence   9,816,325
                                                                      Andrew Scott  0.22921  pence   2,617,686

 
 d)    Aggregated information:                                        N/A

       -      Aggregated volume

       -      Price
 e)    Date of the transaction                                        1 April 2025
 f)    Place of the transaction                                       Outside a trading venue

 

 

2

Reason for the notification

a)

Position/status

See above

 

b)

Initial notification /Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor

a)

Name

ECR Minerals plc

b)

LEI

213800PBXY96KXHISJ17

4

 

Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted

a)

 

Description of the financial instrument, type of instrument

Identification code

Ordinary shares of 0.001p each in ECR Minerals plc

Identification code (ISIN) for ECR Minerals plc ordinary shares: GB00BYYDKX57

b)

Nature of the transaction

Issue of new Ordinary Shares in lieu of salary

c)

Price(s) and volume(s)

 Name           Price(s)        Volume(s)
 Nick Tulloch  0.22921  pence   9,816,325
 Mike Whitlow  0.22921  pence   9,816,325
 Andrew Scott  0.22921  pence   2,617,686

 

d)

Aggregated information:

-      Aggregated volume

-      Price

N/A

e)

Date of the transaction

1 April 2025

f)

Place of the transaction

Outside a trading venue

 

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