REG - ECR Minerals PLC - Salary Sacrifice, Admission of Shares and TVR

ECR MineralsAnnouncement

18/04/2024 07:15

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RNS Number : 0506L  ECR Minerals PLC  18 April 2024

ECR MINERALS plc

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

Salary Sacrifice, Admission of Shares and Total Voting Rights

ECR Minerals plc (LON: ECR), the exploration and development company focused
on gold in Australia, is pleased to announce an extension of the directors'
salary sacrifice scheme as well as the issue of new ordinary shares in respect
of the existing salary sacrifice scheme.

Salary Sacrifice

In September 2023, four members of the then board of directors, David Tang,
Andrew Scott, Adam Jones and Trevor Davenport, agreed to subscribe for new
ordinary shares in ECR ("New Ordinary Shares") in lieu of an aggregate of
£40,000 salary (£10,000 each), thereby preserving the Company's cash
resources. These four then directors subsequently agreed to extend this
arrangement on 16 November 2023 by subscribing for a further £40,000
(£10,000 each) of New Ordinary Shares in aggregate.

David Tang, Andrew Scott and Trevor Davenport have now agreed to extend this
arrangement for a third time through to 30 June 2024 by subscribing for New
Ordinary Shares in lieu of an aggregate of £39,000 salary (£13,000 each)
that they would be otherwise due through to that date.  Adam Jones has since
left the board, although remains with ECR as Chief Geologist, so is no longer
included in these arrangements.

These New Ordinary Shares will be issued on or around 30 June 2024, with
admission to trading commencing on or around 4 July 2024. The number of the
New Ordinary Shares to be issued will be calculated by reference to (i) the
price at which an equity fundraising in the Company is carried out in the
period of the salary sacrifice or (ii) if there is no fundraising, the price
equal to the volume weighted average price of ordinary shares in the Company
calculated over the previous 14 days.  A further announcement will be made at
that time.

Nick Tulloch and Mike Whitlow are already remunerated substantially by the
issue of New Ordinary Shares as announced on 18 September 2023.

Issue of New Shares

The Company is pleased to confirm that the new ordinary shares awarded
pursuant to the salary sacrifice announced on 16 November 2023 ("New Ordinary
Shares") have been issued and allotted.  Each of David Tang, Andrew Scott,
Trevor Davenport and Adam Jones have received 3,333,333 New Ordinary Shares in
lieu of an aggregate of £40,000 salary (a total of 13,333,332 Ordinary
Shares).  The New Ordinary Shares were issued at a price of 0.3 pence per
share in line with the fundraising announced on 14 March 2024 (in accordance
the terms of the salary sacrifice)

The total ordinary shares in ECR Minerals currently held by David, Andrew and
Trevor, as PDMRs of the Company, are as follows:

 Name              Shares in the Company Issued today  Total Shares in the Company now held  Percentage of the Company's issued equity held (after admission of the New
                                                                                             Ordinary Shares)
 David Tang        3,333,333                           9,047,618                             0.49%
 Andrew Scott      3,333,333                           9,047,618                             0.49%
 Trevor Davenport  3,333,333                           9,047,618                             0.49%
 Total             9,999,999

 

Admission and Disclosure and Transparency Rules

Application has been made for 13,333,332 New Ordinary Shares to be admitted to
trading on AIM ("Admission") and it is expected that Admission will become
effective on or around 24 April 2024. The New Ordinary Shares will rank pari
passu with the existing ordinary shares. Upon Admission, ECR's issued ordinary
share capital will comprise 1,839,753,425 ordinary shares of 0.001p. 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 and Transparency Rules.

Nick Tulloch, Chairman, said: "Once again, my fellow board members are
continuing our ethos of aligning themselves with our shareholders and
conserving the Company's cash resources.  I would like to express my
gratitude for this further vote of confidence in our strategic direction and
the opportunities we are creating."

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

 ECR Minerals plc                                                                                                                                                                                                                                           Tel: +44 (0) 20 7929 1010
 Nick Tulloch, Chairman

 Andrew Scott, Director

 Email:

 info@ecrminerals.com
 Website: www.ecrminerals.com
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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.  MGA also has approximately A$75
million of unutilised tax losses incurred during previous operations.

 

ECR holds a 90% interest in the Danglay gold project in the Philippines and 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.

 

 

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