Business
Placing raises £585,000 & Joint Broker Appointed
Placing raises £585,000 & Joint Broker Appointed.
About this update from Ecr Minerals Plc
[{"type":"text","content":"\n\nTHE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.\nECR MINERALS plc\n(\"ECR Minerals\" or the \"Company\")\nPlacing to raise £585,000\nAppointment of Joint Broker\nECR Minerals plc (LON:ECR), the exploration and development company focused on gold in Australia, is pleased to announce that it has successfully raised, subject only to Admission, £585,000 before expenses through the placing of 195,000,000 new ordinary shares (\"Placing Shares\") at a price of 0.30 pence per Placing Share (the \"Placing Price\") (the \"Placing\")\nThe Placing Price represents a discount of approximately 30 per cent. to the closing middle market price of 0.43 pence per Ordinary Share on 13 March 2024, being the latest practicable business day prior to the publication of this Announcement.\nThe net proceeds from the Placing will be used to advance ECR's projects in Victoria and Queenland during 2024, specifically:\n· Stream sampling at Baileston, Victoria\n· Reverse Circulation drilling at Tambo, Victoria, where the Company has previously recorded 22g/t rock chips with Silver and Bismuth credits\n· Trenching at Flaggy Creek and Reedy Creek in Lolworth, Queensland - trench across various outcrops followed up with Reverse Circulation drilling\n· Reconnaissance for Niobium REE and Gold in streams over eastern tenements in Lolworth, Queensland where geological mapping suggests the presence of pegmatite intrusion that covers approximately 45km2\nMike Whitlow, Chief Operating Officer said: \"This fundraising is a significant achievement for ECR, coming at a more than 70% premium to our raise last September. We are now fully funded for our 2024 exploration programme. With our ongoing payments for the rig sale covering our G&A expenses, and our continued policy of settling supplier fees through the issue of shares, where possible, we have a strong balance sheet and believe we are well positi...