Business
Oversubscribed Placing to Raise £1 Million
Oversubscribed Placing to Raise £1 Million.
About this update from Ecr Minerals Plc
[{"type":"text","content":"\n\n \n \n \n Oversubscribed Placing to Raise £1 Million\n \n \n\n \n ECR Minerals plc\n \n \n\n \n \n \n AIM: ECR\n \n \n US OTC: MTGDY\n \n \n ECR MINERALS plc\n \n \n (“ECR” or the “Company”)\n \n \n OVERSUBSCRIBED PLACING TO RAISE £1 MILLION\n \n \n LONDON: 2 JUNE 2017 - The directors of ECR Minerals plc (the \n “Board”) are pleased to announce that the Company has raised gross \n proceeds of £1,000,000 by way of an oversubscribed placing (the \n “Placing”) for 55,555,556 new ordinary shares in the Company of 0.001 \n pence (the “Placing Shares”) at a price of 1.8 pence each (“Issue \n Price”).\n \n \n The net proceeds of the Placing, which is only conditional on admission \n of the Placing Shares to trading on AIM, will be used to support the \n ongoing activities of the Company in Australia and to explore new \n opportunities.\n \n \n Optiva Securities Ltd (“Optiva”) acted for the Company in the Placing.\n \n \n Craig Brown, Chief Executive Officer of ECR, commented:\n \n \n “The significant demand from both new and existing investors to take \n part in this fundraise is an encouraging vote of confidence in ECR’s \n future. ECR also recently announced the receipt of the full amount of \n the Gross Proceeds of £553,564 from Shenyang Xinliaoan Machinery Tool Co \n Ltd and will seek to complete this subscription with Shenyang once our \n relationship agreement has been delivered. We would hope to update the \n market upon this in the near future and once completed this amount added \n to the £1,000,000 announced today will go a long way to enabling the \n Board to use its technical strengths and expertise to maximise the value \n of the Company’s existing assets whilst also evaluating further new \n business opportunities.\n \n \n Having already received the required consent to begin drilling at our \n Bailieston project area, we are greatly excited about testing the \n potential of the Byron target within Bailieston and we look forward to \n further updating the market as soon as our fully funded drill programme \n commences”.\n \n \n Admission of Placing Shares to AIM\n \n \n Pursuant to the Placing, application will be made for the Placing Shares \n to be admitted to trading on AIM (“Admission”). This is expected to \n occur on or around 16 June 2017. Following admission of the Placing \n Shares and the issue of considerat...