ECR Minerals plc Repayment of Yorkville Facility
27 September 2016 - 4:00PM
UK Regulatory
TIDMECR
AIM: ECR
US OTC: MTGDY
ECR MINERALS plc
("ECR" or the "Company")
REPAYMENT OF YORKVILLE FACILITY
LONDON: 27 SEPTEMBER 2016 - The directors of ECR Minerals plc
(the "Directors") are pleased to announce that ECR has repaid all
amounts owed by the Company under the convertible loan facility
(the "Facility") with YA II PN Ltd (formerly known as YA Global
Master SPV Ltd), an investment fund managed by Yorkville Advisors
Global LP ("Yorkville"). The Directors confirm that the Company
does not intend to make further use of the Facility, or similar
facilities.
The repayment was made using funds held by ECR prior to the
completion of the subscription for new ordinary shares which was
announced on 6 September 2016 (the "Subscription"). Therefore, the
net proceeds of the Subscription of GBP475,000 are largely
available to fund the Company's future activities.
Taking account of the liabilities settled pursuant to ECR's
announcement dated 14 September 2016, the Company's creditors have
reduced by approximately GBP400,000, and no significant creditors
remain outstanding.
Craig Brown, Chief Executive Officer of ECR, commented:
"ECR is working to maximise the value of its current projects
whilst evaluating potential new opportunities. With the repayment
of Yorkville and the recent Subscription, the Company now has the
benefit of a fresh start in terms of its finances."
Market Abuse Regulations (EU) No. 596/2014
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via Regulatory Information Service
("RIS"), this inside information is now considered to be in the
public domain.
ABOUT ECR
ECR is a mineral exploration and development company. ECR's
wholly owned Australian subsidiary Mercator Gold Australia has
acquired 100% ownership of the Avoca and Bailieston gold projects
in Victoria, Australia. ECR has earned a 25% interest in the
Danglay epithermal gold project, 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's wholly owned subsidiary Ochre Mining has a 100% interest
in the SLM gold project in La Rioja, 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
Craig Brown, Director & CEO
Richard (Dick) Watts, Non-Executive
Technical Director
Email: info@ecrminerals.com
Website: www.ecrminerals.com
Cairn Financial Advisers LLP Tel: +44 (0)20 7148 7900
Nominated Adviser
Emma Earl / Jo Turner
Optiva Securities Ltd Tel: +44 (0)203 137 1902
Joint Broker
Christian Dennis
Vicarage Capital Ltd Tel: +44 (0)20 3651 2910
Joint Broker
Rupert Williams / Jeremy Woodgate
Blytheweigh Tel: +44 (0)20 7138 3204
Public Relations
Tim Blythe / Camilla Horsfall
FORWARD LOOKING STATEMENTS
This announcement may include forward looking statements. Such
statements may be subject to a number of known and unknown risks,
uncertainties and other factors that could cause actual results or
events to differ materially from current expectations. There can be
no assurance that such statements will prove to be accurate and
therefore actual results and future events could differ materially
from those anticipated in such statements. Accordingly, readers
should not place undue reliance on forward looking statements. Any
forward looking statements contained herein speak only as of the
date hereof (unless stated otherwise) and, except as may be
required by applicable laws or regulations (including the AIM Rules
for Companies), the Company disclaims any obligation to update or
modify such forward looking statements as a result of new
information, future events or for any other reason.
View source version on businesswire.com:
http://www.businesswire.com/news/home/20160926006289/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
September 27, 2016 02:00 ET (06:00 GMT)
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