Business
PLACING TO RAISE £450,000
PLACING TO RAISE £450,000.
About this update from Ecr Minerals Plc
[{"type":"text","content":"\n\n \n \n \n PLACING TO RAISE £450,000\n \n \n\n \n ECR Minerals plc\n \n \n\n \n \n \n ECR MINERALS plc(“ECR Minerals”, “ECR” or the “Company”)\n \n AIM: ECRUS OTC: MTGDY\n \n PLACING TO RAISE £450,000\n \n \n LONDON: 12 JUNE 2013 - ECR Minerals plc is pleased to announce \n the placing (the “Placing”) of 450,000,000 new ordinary shares of \n 0.1p each at a placing price of 0.1p each (the “Placing Shares”) \n to raise £450,000 before expenses. The Placing is conditional, inter \n alia, on the admission of the Placing Shares to AIM.\n \n \n Daniel Stewart & Company plc, ECR’s AIM nominated adviser and broker, \n acted for the Company in the Placing.\n \n \n Stephen Clayson, Chief Executive Officer of ECR, commented:\n \n \n “There has occurred a tremendous volume of trading in ECR shares since \n the placing completed last month, which is indicative of significant \n market interest in the Company and its ongoing renaissance. Accordingly \n it makes sense to have secured further funding for the Company’s \n activities via the placing announced today.\n \n \n ECR’s due diligence with respect to the Itogon gold-silver project in \n the Philippines is well advanced and we remain excited by the \n opportunities represented by the project on a standalone basis and for \n consolidation within the same mining district.”\n \n \n Use of proceeds and immediate objectives of ECR\n \n \n The Company’s immediate objectives are detailed below. The combined \n proceeds of the Placing and the placing announced on 22 May 2013 (the “May \n Placing”) will be employed to meet costs incurred in pursuit of \n these objectives and for general corporate purposes.\n \n \n i) Complete due diligence on the Itogon gold-silver project in the \n Philippines and continue to liaise with the authorities there with \n regard to renewal of the exploration permit (the “EP”) pertaining \n to the project for a second 2 year term; the renewal should add \n significant value to ECR’s rights in relation to Itogon, which is an \n advanced exploration project located in a gold and copper mining \n district on the island of Luzon in the north of the Philippines.\n \n \n As fully described in the Company’s announcement of 29 April 2013, the \n Company has entered into an earn-in and joint venture agreement (the “Agreement”) \n with Tiger International Resources Inc. (...