--- title: "ECR Minerals PLC (AIM:ECR) Placing raises £585,000 & Joint Broker Appointed" publisher: "Share Talk" author: "sharetalk" published: "2024-03-14T07:28:26+00:00" modified: "2024-03-14T07:28:26+00:00" date: 2024-03-14 canonical: "https://www.share-talk.com/ecr-minerals-plc-aimecr-placing-raises-585000-joint-broker-appointed/" category: "Mining" categories: ["Mining"] tags: ["Adam Jones", "Andrew Haythorpe", "Andrew Scott", "Avoca Gold Project", "bailieston gold project", "Ballarat", "ballarat gold system", "Black Cat", "cherry tree", "Creswick Gold Project", "David Tang", "dimocks main shale", "dr rodney boucher", "ECR", "ECR Minerals", "fosterville gold mine", "fosterville south exploration", "Geological Survey of Victoria", "Mike Whitlow", "Moderna", "Nick Tulloch", "Philippines", "Queensland", "Share Talk", "Tambo Gold Project", "Timor Gold Project", "Victoria"] image: "https://i0.wp.com/www.share-talk.com/wp-content/uploads/2024/02/ECR-5TH-FEB-24.jpg?fit=1200%2C800&ssl=1" format: "news" language: "en-GB" --- # ECR Minerals PLC (AIM:ECR) Placing raises £585,000 & Joint Broker Appointed **Published:** March 14, 2024 **Author:** sharetalk **Categories:** Mining **Tags:** Adam Jones, Andrew Haythorpe, Andrew Scott, Avoca Gold Project, bailieston gold project, Ballarat, ballarat gold system, Black Cat, cherry tree, Creswick Gold Project, David Tang, dimocks main shale, dr rodney boucher, ECR, ECR Minerals, fosterville gold mine, fosterville south exploration, Geological Survey of Victoria, Mike Whitlow, Moderna, Nick Tulloch, Philippines, Queensland, Share Talk, Tambo Gold Project, Timor Gold Project, Victoria **Featured image:** ![](https://i0.wp.com/www.share-talk.com/wp-content/uploads/2024/02/ECR-5TH-FEB-24.jpg?fit=1200%2C800&ssl=1) --- **ECR Minerals plc (LON: ECR),** the exploration and development company focused on gold in Australia, is pleased to announce that it has successfully raised, subject only to Admission, £585,000 before expenses through the placing of 195,000,000 new ordinary shares (“Placing Shares”) at a price of 0.30 pence per Placing Share (the “Placing Price”) (the “Placing”) The Placing Price represents a discount of approximately 30 per cent. to the closing middle market price of 0.43 pence per Ordinary Share on 13 March 2024, being the latest practicable business day prior to the publication of this Announcement. The net proceeds from the Placing will be used to advance ECR’s projects in Victoria and Queenland during 2024, specifically: ·    Stream sampling at Baileston, Victoria ·    Reverse Circulation drilling at Tambo, Victoria, where the Company has previously recorded 22g/t rock chips with Silver and Bismuth credits ·    Trenching at Flaggy Creek and Reedy Creek in Lolworth, Queensland – trench across various outcrops followed up with Reverse Circulation drilling ·    Reconnaissance for Niobium REE and Gold in streams over eastern tenements in Lolworth, Queensland where geological mapping suggests the presence of pegmatite intrusion that covers approximately 45km2 Mike Whitlow, Chief Operating Officer said: “This fundraising is a significant achievement for ECR, coming at a more than 70% premium to our raise last September.  We are now fully funded for our 2024 exploration programme.  With our ongoing payments for the rig sale covering our G&A expenses, and our continued policy of settling supplier fees through the issue of shares, where possible, we have a strong balance sheet and believe we are well positioned to take advantage of any future opportunities that may arise.” **Appointment of joint broker and Issue of Equity** ECR is also pleased to announce the appointment of Axis Capital Markets Limited (“Axis Capital”) as joint broker to the Company with immediate effect.  Axis Capital facilitated the Placing for the Company. The Company has agreed to issue and allot 4,000,000 new ordinary shares in lieu of £12,000 of fees due to Axis Capital as joint broker in order to assist the Company in conserving its cash resources (the “Axis Shares”). These shares have been issued at the placing price of 0.30 pence. In addition, the Company has also elected (as it is entitled to pursuant to the terms of the agreement) to issue and allot 8,333,333 new ordinary shares in lieu of £25,000 of fees owed by the Company to a third party supplier, also in order to assist the Company in conserving its cash resources (the “Supplier Shares”). These shares have also been issued at the placing price of 0.30 pence. **Admission and Disclosure and Transparency Rules** Application will be made for the Placing Shares, the Axis Shares and the Supplier Shares (a total of 207,333,333 Ordinary Shares) to be admitted to trading on AIM (“Admission”) and it is expected that Admission will become effective on or around 8 April 2024. The Placing Shares, Axis Shares and Supplier Shares will rank pari passu with the existing ordinary shares in the Company. Upon Admission, ECR’s issued ordinary share capital will comprise 1,826,420,093 ordinary shares of 0.001p. This number will represent the total voting rights in the Company, and, following admission may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules. --- **Original URL:** https://www.share-talk.com/ecr-minerals-plc-aimecr-placing-raises-585000-joint-broker-appointed/ *Created by [WP Markdown Endpoint](https://wpmarkdownendpoint.com/)*