Business
Update on Mercator Gold Australia
Update on Mercator Gold Australia.
About this update from Ecr Minerals Plc
[{"type":"text","content":"\n\n \n \n \n Update on Mercator Gold Australia\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 UPDATE ON MERCATOR GOLD AUSTRALIA\n \n \n LONDON: 27 AUGUST 2014 - ECR Minerals plc is pleased to announce, \n further to its announcements of 4 July 2014 and 15 July 2014, that the \n Company has been informed by the external administrators (the \n “Administrators”) of its 100% owned Australian subsidiary Mercator Gold \n Australia Pty Ltd (“MGA”) that the Administrators expect to despatch \n cheques in respect of a second and final dividend to unsecured creditors \n of MGA (excluding ECR) during early September 2014.\n \n \n The Administrators advise that after completing their statutory duties, \n which include awaiting the presentation of all dividend cheques to MGA’s \n bank account, the Administrators expect to release MGA from \n administration. The Claim, as that term is defined in ECR’s announcement \n of 4 July 2014, has now been assigned to Main Roads Western Australia.\n \n \n Following MGA’s release from administration it is expected by the \n Company that MGA will possess tax losses estimated to total \n approximately A$80 million, as previously announced. These tax losses \n will be of significant benefit to MGA should it be successful in \n establishing profitable business activities following its release from \n administration.\n \n \n The availability of MGA’s tax losses is subject, inter alia, to MGA’s \n compliance with the “continuity of ownership test”, as that term is used \n in the context of Australian taxation, at all relevant times. Compliance \n with this test is determined by reference to ECR’s register of \n shareholders and the variations thereto that occur over time. The figure \n of approximately A$80 million is the latest available estimate of MGA’s \n accumulated tax losses and is stated as at 30 June 2013. Analysis to \n confirm MGA’s tax loss position as at 30 June 2014 is in progress (30 \n June being MGA’s financial year-end). The Company considers that at the \n present time, MGA is in compliance with the continuity of ownership test.\n \n \n ABOUT ECR\n \n \n ECR is a mineral exploration and development company with, among other \n interests, the right to earn a 50% interest in the Itogon gold project \n i...