ECR Minerals plc Subscription Update
01 April 2017 - 1:30AM
UK Regulatory
TIDMECR
AIM: ECR
US OTC: MTGDY
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
SUBSCRIPTION UPDATE
LONDON: 31 MARCH 2017 - Further to the announcement dated 27
February 2017 in respect of the Subscription to raise gross
proceeds of GBP553,564 ("Subscription Announcement"), the directors
of ECR Minerals plc (the "Directors") announce that on [31 March]
2017 they entered into an amendment to the Subscription Agreement
with Shenyang Xinliaoan Machinery Co Ltd (the "Amendment
Agreement") as further detailed below.
Capitalised terms used, but not otherwise defined in this
announcement shall have the same meanings as set out in the
Subscription Announcement.
Pursuant to the Subscription Agreement the Gross Proceeds (less
the Deposit of GBP100,000 which has already been received by the
Company) of the Subscription were due to be received by the Company
by 31 March 2017, however, whilst the Investor has received an
Overseas Investment Permit from the Provincial Bureau of Commerce
in respect of remittance to the Company of the balance of the
Subscription, this remains subject to foreign exchange control
restrictions. Accordingly, the Company has agreed to extend the
Receipt Date to 30 April 2017 and the Investor has agreed to pay
the Company a further non-refundable deposit of GBP50,000 ("Further
Deposit Amount"), bringing the total non-refundable deposit to
GBP150,000 in aggregate (the "Total Deposit Amount"). The Investor
is required to remit the Further Deposit Amount to the Company by 7
April 2017.
In the event that the Further Deposit Amount is not received by
the Company by 7 April 2017, the Company may elect to convert the
GBP100,000 Deposit into Ordinary Shares of the Company at a price
of 2 pence per share.
In the event that the balance of the Gross Proceeds is remitted
to the Company by 30 April 2017, the Total Deposit Amount will be
treated as a payment on account and will be deducted from the Gross
Proceeds to be received by the Company. In the event that the Gross
Proceeds (less the Total Deposit Amount received) are not received
by 30 April 2017, the amount of the Total Deposit Amount received
by that date (less any of the Total Deposit Amount already
converted into Ordinary Shares) will be converted into ordinary
shares in the Company at a price of 2 pence per share (to be issued
to the Investor (the "Deposit Shares") and ECR, at its election,
may either terminate the Subscription Agreement or further extend
the Receipt Date ("Further Extension"). In the event of a Further
Extension, the Investor will be required to transmit the full
amount of the Gross Proceeds (i.e. the Total Deposit Amount will
not be treated as an advance) to the Company in order to complete
the Subscription. The Deposit Shares will not be subject to any
lock-up arrangements.
Unless otherwise stated above, the key terms of the Subscription
remain as set out in the Subscription Announcement.
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, and has since been granted the Timor
tenement. 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.
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.
FOR FURTHER INFORMATION, PLEASE CONTACT:
ECR Minerals plc Tel: +44 (0)20 7929 1010
William (Bill) Howell, Non-Executive Chairman
Craig Brown, Director & CEO
Ivor Jones, Director & COO
Email:
info@ecrminerals.com
Website: www.ecrminerals.com
Cairn Financial Advisers LLP Tel: +44 (0)20 7213 0880
Nominated Adviser
Emma Earl / Jo Turner
Optiva Securities Ltd Tel: +44 (0)203 137 1902
Broker
Graeme Dickson
FlowComms Tel: +44 (0)7891 677 441
Investor Relations
Sasha Sethi
Blytheweigh Tel: +44 (0)20 7138 3204
Public Relations
Tim Blythe / Camilla Horsfall / Nick Elwes
FORWARD LOOKING STATEMENTS
This announcement may include forward looking statements. Such
statements may be subject to numerous 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 because of new information,
future events or for any other reason.
View source version on businesswire.com:
http://www.businesswire.com/news/home/20170331005485/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
March 31, 2017 10:30 ET (14:30 GMT)
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