Business
Receipt of Fourth Non-Refundable Deposit
Receipt of Fourth Non-Refundable Deposit.
About this update from Ecr Minerals Plc
[{"type":"text","content":"\n\n \n \n \n Receipt of Fourth Non-Refundable Deposit\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 Minerals”, “ECR” or the “Company”)\n \n \n RECEIPT OF FOURTH NON-REFUNDABLE DEPOSIT\n \n \n LONDON: 23 MAY 2017 - Further to the announcements dated 27 \n February 2017 and 15 May 2017 in respect of the Subscription to raise \n gross proceeds of £553,564 (the “Subscription Announcements”), the \n directors of ECR Minerals plc announce that the Company has received the \n Further Deposit Amount of £50,000, bringing the non-refundable deposit \n to £250,000 in aggregate (the “Total Deposit Amount”).\n \n \n The Company has also received a contribution of £10,000 from the \n Investor to cover the Company’s legal and other costs and expenses \n incurred in conjunction with the amendments to the Subscription \n Agreement.\n \n \n Capitalised terms used, but not otherwise defined in this announcement \n shall have the same meanings as set out in the Subscription \n Announcements.\n \n \n In the event that the balance of the Gross Proceeds is remitted to the \n Company by 31 May 2017, the Total Deposit Amount will be treated as a \n payment on account and will be deducted from the Gross Proceeds to be \n received by the Company. In the event that the Gross Proceeds (less the \n Total Deposit Amount) are not received by 31 May 2017, the Total Deposit \n Amount will be converted into ordinary shares in the Company at a price \n of 2 pence per share to be issued (unless otherwise agreed by ECR) to \n the Investor (the “Deposit Shares”) and ECR, at its election, may either \n terminate the Subscription Agreement or further extend the Receipt Date \n (“Further Extension”). In the event of a Further Extension, the Investor \n will be required to transmit the full amount of the Gross Proceeds (i.e. \n the Total Deposit Amount will not be treated as an advance) to the \n Company in order to complete the Subscription. The Deposit Shares will \n not be subject to any lock-up arrangements.\n \n \n Unless otherwise stated above, the key terms of the Subscription remain \n as set out in the Subscription Announcement.\n \n \n ABOUT ECR\n \n \n ECR is a mineral exploration and development company. ECR’s wholly owned \n Australian subsidiary Mercator Gold Australia has 100% owners...