Business
Convertible Loan Facility
Convertible Loan Facility.
About this update from Ecr Minerals Plc
[{"type":"text","content":"\n\n \n \n \n Convertible Loan Facility\n \n \n\n \n ECR Minerals plc\n \n \n\n \n \n \n ECR MINERALS plc\n \n \n (“ECR Minerals”, “ECR” or the “Company”)\n \n \n AIM: ECR\n \n \n US OTC: MTGDY\n \n \n CONVERTIBLE LOAN FACILITY\n \n \n LONDON: 3 SEPTEMBER 2014 - ECR Minerals plc is pleased to \n announce that it has entered into an agreement in relation to a \n convertible loan facility (the “Facility”) of up to US$10 million to be \n made available by YA Global Master SPV Ltd (the “Investor”), an \n investment fund managed by Yorkville Advisors Global, LP. The Facility, \n which will be available to the Company for 3 years, provides for an \n initial loan tranche of principal amount US$1.5 million (the “Initial \n Tranche”) to be drawn down immediately by ECR, and for future tranches \n up to an aggregate principal amount of US$10 million. Neither the \n Company nor the Investor is under any obligation to agree to any loan \n beyond the Initial Tranche.\n \n \n ECR intends to deploy the net proceeds of US$1,371,000 (before any bank \n charges) from the Initial Tranche primarily in connection with its gold \n exploration interests, namely the Itogon gold project in the Philippines \n and the SLM gold project in Argentina, as well as to support the other \n activities of the Company. Drilling is expected to recommence at the \n Itogon project during Q4 2014, and sampling at surface is ongoing. At \n the SLM project, surface sampling and detailed geological mapping is \n underway. Material results of activities at both projects will be \n reported as and when they become available. ECR may also use part of the \n proceeds of the Initial Tranche to take advantage of one or more \n additional investment opportunities which are under review, although \n there is no certainty that any of these will progress to the stage of \n actual investment.\n \n \n Stephen Clayson, Chief Executive Officer of ECR, commented:\n \n \n “This agreement represents ECR’s first new financing in almost a year, \n and since our last funding the Company’s position has improved in leaps \n and bounds. ECR now has interests in two exciting gold projects, both of \n which have seen significant exploration work completed in recent months, \n with encouraging results.\n \n \n Moreover, carefully considered activities are continuing on the ground, \n with the obje...