Business
REPAYMENT OF LOAN
REPAYMENT OF LOAN.
About this update from Ecr Minerals Plc
[{"type":"text","content":"\n\n \n \n \n REPAYMENT OF LOAN\n \n \n\n \n ECR Minerals plc\n \n \n\n \n \n \n ECR MINERALS plc\n \n \n (“ECR Minerals”, “ECR” or the “Company”)\n \n \n AIM: ECR\n \n \n US OTC: MTGDY\n \n \n REPAYMENT OF LOAN\n \n \n LONDON: 9 AUGUST 2013\n \n \n ECR Minerals plc is pleased to announce that following the issue and \n allotment of 121,764,000 new ordinary shares at a price of 0.1p per \n share in settlement of a final amount of £121,764 outstanding pursuant \n to the loan received from YA Global Master SPV Ltd (“YA”) in August 2012 \n and following the redemption earlier this week of all the Company’s \n outstanding convertible loan notes, ECR no longer has any debt.\n \n \n Stephen Clayson, Chief Executive Officer of ECR, commented:\n \n \n “YA have been a financial partner of the Company since 2010, and we are \n grateful for the support they have provided in numerous ways over recent \n years.\n \n \n ECR is now a very different business from that which it was in 2010, and \n even compared with the beginning of 2013 the differences are immense. \n With the redemption of all the Company’s outstanding convertible loan \n notes earlier this week and the full repayment of the YA loan today, ECR \n has a financial clean sheet.\n \n \n ECR is also on the verge of a new beginning in terms of its activities \n as we prepare to assume operational control of the Itogon gold-silver \n project in the Philippines. This will occur once confirmation has been \n received that the exploration permit pertaining to the Itogon project \n has been extended for a further two years, which is expected later this \n month. Thereafter we will announce details of our operational plans for \n the project.”\n \n \n Pursuant to this announcement, application has been made for a total of \n 121,764,000 new ordinary shares of the Company to be admitted to trading \n on AIM. This is expected to occur on 14 August 2013. Following \n admission, ECR’s issued ordinary share capital will consist of \n 2,708,100,461 ordinary shares. The new ordinary shares will rank pari \n passu in all respects with the ordinary shares of the Company currently \n traded on AIM.\n \n \n The total of 2,708,100,461 ordinary shares may therefore be used by \n shareholders in the Company as the denominator for the calculations by \n which they will determine if they are required to ...