Business
Subscription Update
Subscription Update.
About this update from Ecr Minerals Plc
[{"type":"text","content":"\n\n \n \n \n Subscription Update\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 SUBSCRIPTION UPDATE\n \n \n LONDON: 15 MAY 2017 – Further to the announcements dated 27 \n February 2017, 31 March 2017, 10 April 2017 and 2 May 2017 in respect of \n the Subscription to raise gross proceeds of £553,564 (“Subscription \n Announcements”), the directors of ECR Minerals plc (the “Directors”) \n announce that on 14 May 2017 the Company entered into a third amendment \n to the Subscription Agreement with Shenyang Xinliaoan Machinery Co Ltd, \n as detailed below.\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 Pursuant to the Subscription Agreement and second amendment thereto, the \n Gross Proceeds (less the non-refundable Deposit of £200,000 which has \n already been received by the Company) of the Subscription were due to be \n received by the Company by 16 May 2017. The Company is pleased to have \n been advised that the Investor has now received permission under the \n Chinese foreign exchange regime to remit the Gross Proceeds to the \n Company, having already received an Overseas Investment Permit from the \n Provincial Bureau of Commerce. However, some additional administrative \n steps need to be taken, including opening of a new bank account by the \n Investor, before the Investor can complete the remittance. This \n additional process is likely to cause a further short delay to \n completion of the Subscription beyond 16 May 2017\n \n \n In view of the good faith shown by the Investor to date, ECR has not \n exercised its rights to convert the £200,000 Deposit into Ordinary \n Shares of the Company or to terminate the Subscription Agreement. \n Instead, the Company has agreed to extend the Receipt Date to 31 May \n 2017 and the Investor has arranged for a further non-refundable deposit \n of £50,000 to be paid to the Company (“Further Deposit Amount”), \n bringing the total non-refundable deposit to £250,000 in aggregate (the \n “Total Deposit Amount”). The Further Deposit Amount is required to be \n remitted to the Company by 22 May 2017.\n \n \n The Investor has also agreed to contribute £10,000...