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

ECR MineralsAnnouncement

09/08/2024 07:00

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RNS Number : 8170Z  ECR Minerals PLC  09 August 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.

Extension of 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). These four then directors subsequently agreed
to extend this arrangement to 31 March 2024 by subscribing for a further
£40,000 (£10,000 each) of New Ordinary Shares in aggregate.  Subsequently,
David Tang, Andrew Scott and Trevor Davenport 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).

Andrew Scott and Trevor Davenport have now agreed to extend this arrangement
for a fourth time through to the Company's year end of 30 September 2024 by
subscribing for New Ordinary Shares in lieu of an aggregate of £18,000 salary
(£9,000 each) that they would be otherwise due through to that date.  David
Tang and Adam Jones have both since left the board so are no longer included
in these arrangements (although Adam remains with ECR as Chief Geologist).

These New Ordinary Shares will be issued on or around 30 September 2024, with
admission to trading commencing on or around 1 October 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

ECR is also pleased to confirm that the new ordinary shares awarded pursuant
to the salary sacrifice announced on 18 April 2024 ("New Ordinary Shares")
have been issued and allotted.  Each of David Tang, Andrew Scott and Trevor
Davenport have received 4,816,598 New Ordinary Shares in lieu of an aggregate
of £39,000 salary.  The New Ordinary Shares were issued at a price of 0.2699
pence per share, being the volume weighted average price of ordinary shares in
the Company calculated over the 14 days prior to 30 June 2024.

The total ordinary shares in ECR Minerals currently held by 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
 Andrew Scott      4,816,598                           13,864,216                            0.74%
 Trevor Davenport  4,816,598                           13,864,216                            0.74%
 Total             9,633,196

 

Admission and Disclosure and Transparency Rules

Application has been made for 14,449,794 New Ordinary Shares to be admitted to
trading on AIM ("Admission") and it is expected that Admission will become
effective on or around 15 August 2024. The New Ordinary Shares will rank pari
passu with the existing ordinary shares. Upon Admission, ECR's issued ordinary
share capital will comprise 1,871,510,911 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: "My thanks to Andrew and Trevor who have agreed
to extend their salary sacrifice.  I have regularly spoken of the Board's
ethos of aligning itself with our shareholders and conserving the Company's
cash resources and this fourth salary sacrifice, which now covers our entire
financial year, is a further vote of confidence in our strategy and the
opportunities that we have before us."

 

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)

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 Nominated Adviser

 Katy Mitchell / Andrew de Andrade

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 Broker
 Ben Tadd/Lewis Jones

 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 also holds a royalty on the SLM
gold project in La Rioja Province, Argentina.

 

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

 

 

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