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US$600,000 Convertible Loan Issue and Amendment of Warrants
US$600,000 Convertible Loan Issue and Amendment of Warrants.
About this update from Ecr Minerals Plc
[{"type":"text","content":"\n\n \n \n \n US$600,000 Convertible Loan Issue and Amendment of Warrants\n \n \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 US$600,000 CONVERTIBLE LOAN\n \n \n ISSUE AND AMENDMENT OF WARRANTS\n \n \n LONDON: 11 MARCH 2016 - The directors of ECR Minerals plc (the \n “Directors”) are pleased to announce the following with reference to the \n convertible loan facility (the “Facility”) in place with YA Global \n Master SPV Ltd (the “Investor”), an investment fund managed by Yorkville \n Advisors Global, LP (as previously announced on 3 September 2014).\n \n \n The Company and the Investor have agreed to the drawdown by ECR of four \n further loan tranches (each a “Tranche”) under the Facility, for a total \n principal amount of US$600,000. The aggregate net proceeds of the \n Tranches are expected to be US$555,000. The first of the Tranches (the \n “First Tranche”), in the amount of US$250,000, has been drawn down. The \n second Tranche, in the amount of US$150,000, will be drawn down on or \n about 1 April 2016; the third Tranche, in the amount of US$100,000, will \n be drawn down on or about 2 May 2016; and the fourth Tranche, in the \n amount of US$100,000, will be drawn down on or about 1 June 2016. The \n principal terms of the Facility, which are applicable to the Tranches, \n are described below.\n \n \n ECR intends to deploy the net proceeds of the Tranches primarily in \n connection with the Avoca and Bailieston gold projects in Victoria, \n Australia, of which the Company’s wholly owned Australian subsidiary \n Mercator Gold Australia Pty Ltd (“MGA”) has recently agreed to acquire \n 100% ownership (see the Company’s announcement dated 3 March 2016), and \n for general working capital purposes. A JORC Code-compliant technical \n report in relation to the Avoca and Bailieston gold projects is being \n prepared by Snowden Mining Industry Consultants, and is expected to be \n published by ECR during March 2016. The acquisition remains conditional \n on the necessary Victorian government authorisations and registration of \n the transfer of the Projects to MGA.\n \n \n Stephen Clayson, Chief Executive Officer of ECR, commented:\n \n \n “The funding package announced today will enable ECR to initiate further \n ...