Receipt of Second Non-Refundable Deposit

LONDON--()--

AIM: ECR

US OTC: MTGDY

ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)

RECEIPT OF SECOND NON-REFUNDABLE DEPOSIT

LONDON: 10 APRIL 2017 - Further to the announcements dated 27 February 2017 and 31 March 2017 in respect of the Subscription to raise gross proceeds of £553,564 (the “Subscription Announcements”), the directors of ECR Minerals plc announce that the Company has received the Further Deposit Amount of £50,000, bringing the non-refundable deposit to £150,000 in aggregate (the “Total Deposit Amount”).

Capitalised terms used, but not otherwise defined in this announcement shall have the same meanings as set out in the Subscription Announcements.

In the event that the balance of the Gross Proceeds is remitted to the Company by 30 April 2017, the Total Deposit Amount will be treated as a payment on account and will be deducted from the Gross Proceeds to be received by the Company. In the event that the Gross Proceeds (less the Total Deposit Amount) are not received by 30 April 2017, the Total Deposit Amount will be converted into ordinary shares in the Company at a price of 2 pence per share to be issued to the Investor (the “Deposit Shares”) and ECR, at its election, may either terminate the Subscription Agreement or further extend the Receipt Date (“Further Extension”). In the event of a Further Extension, the Investor will be required to transmit the full amount of the Gross Proceeds (i.e. the Total Deposit Amount will not be treated as an advance) to the Company in order to complete the Subscription. The Deposit Shares will not be subject to any lock-up arrangements.

Unless otherwise stated above, the key terms of the Subscription remain as set out in the Subscription Announcement.

ABOUT ECR

ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia has 100% ownership of the Avoca, Bailieston and Timor gold projects in Victoria, Australia. ECR has earned a 25% interest in the Danglay epithermal gold project, an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines. An NI43-101 technical report was completed in respect of the Danglay project in December 2015, and is available for download from ECR’s website.

ECR’s wholly owned subsidiary Ochre Mining has a 100% interest in the SLM gold project in La Rioja, Argentina. Exploration at SLM has focused on identifying small tonnage mesothermal gold deposits which may be suitable for relatively near term production.

Market Abuse Regulations (EU) No. 596/2014

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.

FOR FURTHER INFORMATION, PLEASE CONTACT:

       
ECR Minerals plc Tel: +44 (0)20 7929 1010
William (Bill) Howell, Non-Executive Chairman
Craig Brown, Director & CEO

Ivor Jones, Director & COO

 

Email: info@ecrminerals.com

Website: www.ecrminerals.com

 
Cairn Financial Advisers LLP Tel: +44 (0)20 7213 0880
Nominated Adviser
Emma Earl / Jo Turner
 
Optiva Securities Ltd Tel: +44 (0)203 137 1902
Broker
Graeme Dickson
 
FlowComms Tel: +44 (0)7891 677 441
Investor Relations
Sasha Sethi
 
Blytheweigh Tel: +44 (0)20 7138 3204
Public Relations
Tim Blythe / Camilla Horsfall / Nick Elwes
 

FORWARD LOOKING STATEMENTS

This announcement may include forward looking statements. Such statements may be subject to numerous known and unknown risks, uncertainties and other factors that could cause actual results or events to differ materially from current expectations. There can be no assurance that such statements will prove to be accurate and therefore actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. Any forward-looking statements contained herein speak only as of the date hereof (unless stated otherwise) and, except as may be required by applicable laws or regulations (including the AIM Rules for Companies), the Company disclaims any obligation to update or modify such forward-looking statements because of new information, future events or for any other reason.

Short Name: ECR Minerals plc
Category Code: MSCU
Sequence Number: 581343
Time of Receipt (offset from UTC): 20170409T123316+0100

Contacts

ECR Minerals plc

Contacts

ECR Minerals plc