REG - ECR Minerals PLC - Salary Sacrifice, Issue of Equity and TVR

ECR MineralsAnnouncement

02/10/2024 07:00

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RNS Number : 5551G  ECR Minerals PLC  02 October 2024

2 October 2024

 

ECR MINERALS PLC

 

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

 

Salary Sacrifice, Issue of Equity

and

Total Voting Rights

 

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 ("Ordinary Shares") in respect of the board of
directors of ECR's (the "Board" or the Directors") salary sacrifice scheme.

Proposed extension of salary sacrifice scheme

On 19 September 2023, it was announced that the Company's non-executive
directors agreed to subscribe for new Ordinary Shares ("New Ordinary Shares")
in lieu of their salary. These arrangements have been extended each quarter
through to 30 September 2024.

Nick Tulloch, Chairman, and Mike Whitlow, Managing Director, are also
remunerated substantially by the issue of New Ordinary Shares, as announced by
the Company on 19 September 2023 and most recently on 17 September 2024.

With the salary sacrifice scheme reaching its first anniversary, the Board
proposes to review the arrangements in line with the Company's strategy and
financial position.  Each member of the Board has confirmed that they will
continue to accept a majority of their remuneration through the issue of New
Ordinary Shares for at least a further 12 months.  Further details will be
announced in due course.

Issue of New Ordinary Shares

ECR is pleased to confirm that the New Ordinary Shares awarded to certain
Directors pursuant to the existing salary sacrifice scheme have been issued
and allotted.  Each of David Tang (who has since left the Board), Andrew
Scott and Trevor Davenport have received 3,748,438 New Ordinary Shares in lieu
of an aggregate of £27,000 accrued salary.  The New Ordinary Shares were
issued at a price of 0.2401 pence per new Ordinary Share, being in this
instance a price equal to the volume weighted average price of Ordinary Shares
calculated over the 14 days prior to 30 September 2024.

In total 11,245,314 new Ordinary Shares have been issued by the Company.
Following this issuance, the total numbers of Ordinary Shares currently held
by Andrew Scott and Trevor Davenport, as Persons Discharging Managerial
Responsibility ("PDMRs") of the Company, are as follows:

 

 Name              New Ordinary Shares issued  Total Ordinary Shares now held in the Company  As a percentage of the Company's enlarged issued ordinary share capital
 Andrew Scott      3,748,438                   17,612,654                                     0.93%
 Trevor Davenport  3,748,438                   17,612,654                                     0.93%
 Total             7,496,876

 

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 11,245,314 New Ordinary Shares to be admitted to
trading on AIM ("Admission") and it is expected that Admission will become
effective on or around 8 October 2024. The New Ordinary Shares will rank pari
passu with the existing Ordinary Shares. Upon Admission, ECR's issued ordinary
share capital will comprise 1,904,006,225 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: "Throughout the past financial year, the
Board has adopted a policy of aligning itself with our shareholders and
conserving the Company's cash resources.  As we pass through the first
anniversary of these arrangements being implemented, I am pleased to say that
the entire Board will continue to accept a majority of our remuneration in
Ordinary Shares and will do so until at least the end of the new financial
year. Our recent work programmes have evidenced the considerable potential
within ECR's asset base, and we remain determined to demonstrate our own
confidence in 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 (mailto: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 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.

 

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
                                                                      Andrew Scott      Non-Executive Director
                                                                      Trevor Davenport  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)
                                                                      Andrew Scott      0.2401 pence  3,748,438
                                                                      Trevor Davenport  0.2401 pence  3,748,438

 
 d)    Aggregated information:                                        N/A

       -      Aggregated volume

       -      Price
 e)    Date of the transaction                                        1 October 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 New Ordinary Shares in lieu of salary

c)

Price(s) and volume(s)

 Name               Price(s)     Volume(s)
 Andrew Scott      0.2401 pence  3,748,438
 Trevor Davenport  0.2401 pence  3,748,438

 

d)

Aggregated information:

-      Aggregated volume

-      Price

N/A

e)

Date of the transaction

1 October 2024

f)

Place of the transaction

Outside a trading venue

 

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