Business
Completion of Subscription
Completion of Subscription.
About this update from Ecr Minerals Plc
[{"type":"text","content":"\n\n \n \n \n Completion of Subscription\n \n \n\n \n ECR Minerals plc\n \n \n\n \n \n \n AIM: ECRUS OTC: MTGDY\n \n ECR MINERALS plc(“ECR Minerals”, “ECR” or the “Company”)\n \n COMPLETION OF SUBSCRIPTION\n \n \n LONDON: 6 JUNE 2017 - The directors of ECR Minerals plc (the \n “Directors”) are pleased to announce that ECR has completed the \n subscription with Shenyang Xinliaoan Machinery Co Ltd (“Shenyang”) \n raising gross proceeds of £553,564 from the issue of 55,356,391 ordinary \n shares at a price of 1 pence per share. On admission of the subscription \n shares to trading on AIM (“Admission”), Shenyang will receive warrants \n over 83,034,586 new ordinary shares in total. Of these warrants, which \n are valid for five years, 55,356,391 warrants are exercisable at a price \n of 2 pence per share and 27,678,195 warrants have an exercise price of 5 \n pence per share.\n \n \n HIGHLIGHTS\n \n \n \n Shenyang will have a 22.4% shareholding in ECR (Following of the issue \n of Placing Shares as defined below). The shares will be subject to a \n 12-month lock-up.\n \n \n The subscription proceeds will be used for exploration at ECR’s \n existing gold projects, for evaluation of new opportunities, and for \n working capital.\n \n \n Drilling in the Byron area at ECR’s Bailieston gold project in \n Victoria, Australia is expected to commence in the coming weeks.\n \n \n \n Craig Brown, CEO of ECR, commented:\n \n \n “We see Shenyang as long-term, cornerstone investors in ECR, and the \n 12-month lock-up in place on the subscription shares indicates that \n Shenyang share this view. From this strong position, we look forward to \n developing ECR’s asset base and adding value for shareholders.\n \n \n To that end, we expect to start drilling at ECR’s Bailieston project in \n Victoria later this month, and the Directors believe the recent run of \n high grade drilling results from the million-ounce Fosterville gold mine \n located 30km away should contribute to a high level of market interest \n in the results from Bailieston.”\n \n \n Admission of Placing Shares to Trading on AIM\n \n \n Admission is expected to occur on or around 12 June 2017. Following \n Admission of the subscription shares, and the admission to trading on \n AIM on or around 16 June 2017 of placing shares pursuant to the \n Company’s announcement dated 2 June 2017...