Business
Issue of Equity, Grant of Warrants & Appointment of Joint Broker
Issue of Equity, Grant of Warrants & Appointment of Joint Broker.
About this update from Ecr Minerals Plc
[{"type":"text","content":"\n\n \n \n \n Issue of Equity, Grant of Warrants & Appointment of Joint Broker\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” or the “Company”)\n \n SUBSCRIPTION FOR SHARES\n \n \n ISSUE OF EQUITY AND GRANT OF WARRANTS\n \n \n APPOINTMENT OF JOINT BROKER\n \n \n LONDON: 6 SEPTEMBER 2016 - The directors of ECR Minerals plc (the \n “Board”) are pleased to announce that it has raised gross proceeds of \n £500,000 by way of a subscription (the “Subscription”) for \n 10,000,000,000 new ordinary shares in the Company of 0.001 pence (the \n “Subscription Shares”) at a price of 0.005 pence each.\n \n \n The net proceeds of the Subscription of £475,000, which is only \n conditional on admission of the Subscription Shares to trading on AIM, \n will be used for future general working capital purposes, to support the \n ongoing activities of the Company in Australia and to look at new \n opportunities.\n \n \n The current cash in the Company prior to receipt of the proceeds in the \n placing will be used to repay existing trade creditors and repay in full \n all amounts owed by the Company under the convertible loan facility (the \n “Facility”) in place with YA II PN Ltd (formerly known as YA Global \n Master SPV Ltd), an investment fund managed by Yorkville Advisors Global \n LP.\n \n \n Optiva Securities Ltd (“Optiva”) acted for the Company in the Placing. \n Optiva has been appointed joint broker to the Company with immediate \n effect.\n \n \n Craig Brown, Chief Executive Officer of ECR, commented:\n \n \n “The Subscription, which was over-subscribed by 15%, is an encouraging \n vote of confidence in ECR’s future. This will enable the Board to use \n its technical strengths and expertise to maximise the value of the \n Company’s existing assets whilst evaluating further new business \n opportunities.”\n \n \n Admission of Subscription Shares to AIM\n \n \n Pursuant to the Subscription, application has been made for the \n Subscription Shares to be admitted to trading on AIM. This is expected \n to occur on or around 20 September 2016. Following admission of the \n Subscription Shares and the new ordinary shares issued pursuant to the \n loan conversion which was announced on 2 September 2016, ECR’s issued \n ordinary share capital will comprise 23,429,750,820 ordinary shares of \n ...