Business
Danglay Gold Project shareholding increases to 90%
Danglay Gold Project shareholding increases to 90%.
About this update from Ecr Minerals Plc
[{"type":"text","content":"\n \n Danglay Gold Project shareholding increases to 90%\n \nECR Minerals plc\n\n \n \n \n ECR MINERALS plc\n \n \n (“ECR Minerals”, “ECR” or the “Company”)\n \n \n Danglay Gold Project shareholding increases to 90%\n \n \nECR Minerals plc (LON: ECR), the gold exploration and development company focused on Australia, is pleased to announce that its shareholding in Cordillera Tiger Gold Resources, Inc (“Cordillera”), owner of Exploration License EP-006 at the Danglay gold project in the north of the Philippines, has increased from 70% to 90%.\n\n \nThis increase was due to the conversation of an intercompany loan of 28,354,525 pesos (approx. £420800) which was owed by Cordillera to ECR. The loan was in relation to certain fees and explorations expenses and was satisfied by the issue of 6,666,667 new ordinary shares in the Company.\n\n \nFollowing this issue ECR holds 8,999,996 Ordinary Shares in Cordillera representing 90% of its issued share capital.\n\n \n ECR CEO Andrew Haythorpe added:\n “Although I have yet to visit the Philippines and view the Danglay Gold project first hand, I am very much aware of the opportunity and nascent value it represents for the ECR asset portfolio.”\n \n \n “In my strategic update last July, I stated that all options to monetize and develop non-core assets would be considered. This issue of equity brings our holding in Cordillera Tiger to 90%, and as a result, the Board now expects to be able to take full advantage of opportunities that may arise in regard to the development of the Danglay Gold project. I look forward to reporting back on further progress.”\n \n \n Danglay Project Background\n \n \nIn July 2021, Cordillera Tiger successfully renewed Exploration License EP-006 at the Danglay gold project for a further two years. This licence is located in an established gold and copper mining district in the north of the Philippines. ECR initially held a 25% interest in the Danglay gold project through Philippines corporation Cordillera Tiger Gold Resources, Inc. under an Exploration Permit. The issuance of the 25% shareholding in Cordillera Tiger to the Company had been delayed since 2016, largely due to a court case filed by an individual who is a minority shareholder and former director of Cordillera Tiger. This matter was successfully resolved (see announcement dated July 30th 2021).\n\n ...