“Our actions here will ensure that ECR can maintain all scheduled exploration and drilling activities for the foreseeable future.”
ECR Minerals PLC, (AIM: ECR ) informed investors that its wholly-owned subsidiary Mercator Gold had now signed an agreement to sell a property located in southeastern Australia.
After it had been purchased for A$887 500 in September 2021, the company agreed to sell the property in Sebastian, Victoria for A$950,000.
This is likely to be the first in a series of dispositions of non-core assets.
- The Bassett Road property was purchased on September 27th 2021 for A$887,500
- The agreed sale price of A$950,000 will mark the first disposal from selected non-core assets as outlined in the announcement of July 6th 2022
- Completion and settlement is expected to occur around 30 days from today’s date.
CEO Andrew Haythorpe commented: “I am pleased to announce that we have actioned the first in a series of planned disposals of non-core assets as outlined in our recent strategic update. The agreed Bassett Road property sale price is at a slight premium to the purchase price in 2021 and the funds will add a significant cash sum to our existing resources.”
“Our actions here will ensure that ECR can maintain all scheduled exploration and drilling activities for the foreseeable future. I look forward to providing further updates in due course.”
Sale of 177 Bassett Road, Sebastian
On 6 July 2022, the Company outlined plans for the potential disposal of a series of non-core assets. A reasonably buoyant Victoria property market provided MGA with an opportunity to dispose of the ‘Bendigo’ property at 177 Bassett Road, Sebastian. The sale price of A$950,000 is at a slight premium to the purchase price in 2021. A ‘Contract of Sale’ for the Bassett Road property was executed today, with settlement and completion anticipated to occur around 30 days from today’s date. A deposit of A$95,000 is now due with the balance due on completion. In addition, MGA have retained the right to remain at the property until 1 January 2023 for a nominal sum.
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