REG - ECR Minerals PLC - Issue of Equity

ECR MineralsAnnouncement

17/09/2024 07:00

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RNS Number : 4103E  ECR Minerals PLC  17 September 2024

17 September 2024

 

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 confirm that the new ordinary shares
awarded to Nick Tulloch, Chairman, and Mike Whitlow, Managing Director,
pursuant to their remuneration arrangements announced by ECR on 19 September
2023, have been issued and allotted.

 

Accordingly, each of Nick Tulloch and Mike Whitlow have received 9,375,000 new
ordinary shares of 0.001 pence each in ECR ("Ordinary Shares") as payment in
lieu of £22,500 of accrued remuneration for the period 15 June 2024 to 14
September 2024, at an issue price of 0.24 pence per new Ordinary Share, being
in this instance a price equal to the volume weighted average price of
Ordinary Shares calculated over the previous 14 days, (together the "Fee
Shares").

 

Additional Issue of Equity

At the same time, the Company has agreed to issue and allot 2,500,000 new
Ordinary Shares as payment in lieu of £6,000 of accrued fees owed by the
Company in order to assist the Company in conserving its cash
resources. These new Ordinary Shares have also been issued at an issue price
of 0.24 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.

 

In total 21,250,000 new Ordinary Shares have been issued by the Company.
Following this issuance the total Ordinary Shares currently held by Nick
Tulloch and Mike Whitlow, as Persons Discharging Managerial Responsibility
("PDMRs") of the Company, are as follows:

 Name          Fee Shares issued  Total Ordinary Shares now held in the Company  As a percentage of the Company's enlarged issued ordinary share capital
 Nick Tulloch  9,375,000          39,430,417                                     2.08%
 Mike Whitlow  9,375,000          39,430,417                                     2.08%
 Total         18,750,000

 

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 Disclosure Guidance and Transparency Rules

Application has been made for 21,250,000 new Ordinary Shares to be admitted to
trading on AIM ("Admission") and it is expected that Admission will become
effective on or around 23 September 2024. The new Ordinary Shares will rank
pari passu with the existing Ordinary Shares. Upon Admission, ECR's issued
ordinary share capital will comprise 1,892,760,911 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.

 

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

 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 km2 over a
relatively unexplored area in Lolworth Range, Queensland, Australia. The
Company has also submitted a license application at Kondaparinga which is
approximately 120km2 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.  ECR holds a royalty on the SLM gold
project in La Rioja Province, Argentina which could potentially receive up to
US$2.7 million in aggregate across all licences.

 

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

 

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  Executive Chairman
                                                                      Mike Whitlow  Managing 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 Fee Shares
 c)    Price(s) and volume(s)                                         Name           Price(s)   Volume(s)
                                                                      Nick Tulloch  0.24p       9,375,000
                                                                      Mike Whitlow  0.24p       9,375,000

 
 d)    Aggregated information:                                        N/A

       -      Aggregated volume

       -      Price
 e)    Date of the transaction                                        16 September 2024
 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 Fee Shares

c)

Price(s) and volume(s)

 Name           Price(s)   Volume(s)
 Nick Tulloch  0.24p       9,375,000
 Mike Whitlow  0.24p       9,375,000

 

d)

Aggregated information:

-      Aggregated volume

-      Price

N/A

e)

Date of the transaction

16 September 2024

f)

Place of the transaction

Outside a trading venue

 

 

 

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