Business
Strategic Financing, Business Update & New Joint Broker
Strategic Financing, Business Update & New Joint Broker.
About this update from Ecr Minerals Plc
[{"type":"text","content":"\n\n \n \n \n Strategic Financing, Business Update & New Joint Broker\n \n \n\n \n ECR Minerals plc\n \n \n\n \n \n \n AIM: ECR\n \n \n 11 July 2018\n \n \n ECR MINERALS plc\n \n \n (“ECR Minerals”, “ECR” or the “Company”)\n \n \n STRATEGIC FINANCING, BUSINESS UPDATE & NEW JOINT BROKER\n \n \n ECR Minerals plc (LON:ECR) the precious metals exploration and \n development company is pleased to announce details of a strategic \n financing, business update for shareholders and appointment of a new \n broker.\n \n \n Highlights:\n \n \n \n ECR Minerals has secured a strategic financing package, raising \n £650,000 through the issue of 92,857,143 new ordinary shares \n (“Financing shares”) at a price of 0.70p per share (the mid-price of \n ECR at the date/time the financing was commenced);\n \n \n Allowing for the existing cash at bank pre-financing and the funds \n raised today, ECR has sufficient working capital against current \n operational plans, until at least Q3 2019, with any warrant exercises \n further extending this cash runway;\n \n \n Funds raised will be used to expand ECR’s Australian operations, \n including an accelerated development programme at the Blue Moon target \n in Victoria region, where 39.5 metres of gold mineralisation was \n identified during the latest drilling campaign (as announced on 6 July \n 2018);\n \n \n In addition, the funds raised will enable ECR to consider additional \n opportunities in Australian gold and strategic metals, to complement \n existing interests;\n \n \n Each strategic financing share has a warrant attaching to subscribe \n for a further new ordinary share in ECR Minerals plc at a price of \n 1.125p within two years of the admission date of the above financing \n shares resulting in the issue of 92,857,143 warrants over new ordinary \n shares.\n \n \n However, should the 5 day volume weighted average share price (“VWAP”) \n of ECR exceed 5.0p (five pence) the Company will have the right to \n accelerate conversion of any outstanding warrants (see summary of \n terms set out below);\n \n \n \n Should all warrants be converted (which cannot be guaranteed) this would \n generate approximately £1,045,000 before expenses for the Company;\n \n \n \n ECR will, as a condition precedent to the offer of financing, create a \n pool of 25m options (the “Options”) to be allocated amon...