ECR Minerals plc Conversion of Loan
11 February 2016 - 12:32AM
UK Regulatory
TIDMECR
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
AIM: ECR
US OTC: MTGDY
CONVERSION OF LOAN
LONDON: 10 FEBRUARY 2016 - ECR Minerals plc announces the issue
and allotment of 537,618,001 new ordinary shares of 0.001 pence
each in the Company ("Ordinary Shares") at a price of 0.0193 pence
per share pursuant to the conversion of US$150,000 of outstanding
principal amount under the Company's convertible loan facility (the
"Facility") with YA Global Master SPV Ltd ("YA Global").
Accordingly, the outstanding principal amount will be reduced by
US$150,000, to nil.
A further 2,945,868 new Ordinary Shares are to be issued and
allotted to YA Global at a price of 0.0193 pence per share in
settlement of accrued interest.
Pursuant to this announcement, application has been made for
540,563,869 new Ordinary Shares of the Company to be admitted to
trading on AIM. This is expected to occur on 16 February 2016
("Admission"). Following Admission, it is expected that ECR's
issued ordinary share capital will consist of 7,743,878,161
Ordinary Shares. The new Ordinary Shares will rank pari passu in
all respects with the Ordinary Shares of the Company currently
traded on AIM. Following Admission, where will be no further
amounts outstanding under the Facility.
ABOUT ECR
ECR is a mineral exploration and development company with the
right to earn a 50% interest in the Danglay epithermal gold project
in the Philippines. Danglay is an advanced exploration project
located in a prolific gold and copper mining district in the north
of the Philippines. An NI43-101 technical report was completed in
respect of the Danglay project in December 2015, and is available
for download from ECR's website.
ECR has a 100% interest in the SLM gold project in La Rioja
Province, Argentina. Exploration at SLM has focused on identifying
small tonnage mesothermal gold deposits which may be suitable for
relatively near term production.
FOR FURTHER INFORMATION PLEASE CONTACT:
ECR Minerals plc Tel: +44 (0)20 7929 1010
William (Bill) Howell, Non-Executive Chairman
Stephen Clayson, Director & CEO
Richard (Dick) Watts, Technical Director
Email: info@ecrminerals.com
Website: www.ecrminerals.com
Cairn Financial Advisers LLP Tel: +44 (0)207 148 7900
Nominated Adviser
Jo Turner/Emma Earl
Vicarage Capital Ltd Tel: +44 (0)203 651 2910
Broker
Rupert Williams/Jeremy Woodgate
View source version on businesswire.com:
http://www.businesswire.com/news/home/20160210005866/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
February 10, 2016 08:32 ET (13:32 GMT)
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