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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  ECR Minerals PLC    ECR   GB00B0P4LQ95

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ECR Minerals PLC : Financing Update

11/23/2012 | 12:52pm US/Eastern

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



London: 23 November 2012 - ECR Minerals plc announces the issue and allotment of 47,702,099 ordinary shares of 0.1p ("Ordinary Shares") at 0.33542p per share in connection with an advance of GBP160,000 (the "Advance") under the Company's Standby Equity Distribution Agreement (SEDA) with YA Global Master SPV Ltd ("YA Global").

The proceeds of the Advance will be used in partial repayment of the loan received by ECR from YA Global in August 2012 and for general working capital purposes. The Company continues to pursue the crystallisation of value from investment positions and the disposal of non-core assets, and hopes to be in a position to provide further updates shortly.

Pursuant to this announcement application has been made for a total of 47,702,099 new Ordinary Shares to be admitted to trading on AIM. Dealings are expected to commence on 28 November 2012. Following the issue and allotment of the new Ordinary Shares the Company will have a total of 986,705,534 Ordinary Shares in issue. The new Ordinary Shares will rank pari passu in all respects with the Ordinary Shares of the Company currently traded on AIM.

About ECR Minerals plc

ECR is a mineral development company with 100% ownership of the Sierra de las Minas gold project in La Rioja Province, Argentina; a 21% fully diluted stake in THEMAC Resources Group Ltd (TSX-V: MAC), which is focused on the development of the Copper Flat copper-molybdenum-gold-silver porphyry deposit in New Mexico, USA to production; and stakes in West Wits Mining Ltd (ASX: WWI) and Paniai Gold Ltd (unquoted), both of which have interests in the Derewo River alluvial gold mining and exploration project in Papua, Indonesia.

For further information please contact:
ECR Minerals plc
Keith Irons, Non-Executive Chairman Tel: +44 (0)20 7929 1010
Stephen Clayson, Director & Chief Financial Officer
Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Website: www.ecrminerals.com
Daniel Stewart & Company plc
Paul Shackleton/David Hart Tel: +44 (0)20 7776 6550

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