ECR Minerals plc (LON: ECR), the gold exploration and development company focused on Australia, is pleased to announce that it has executed a sale and purchase agreement for the sale of the Company’s ‘Bailieston’ property located at 127 Nagambie-Rushworth Road within the Company’s 100% owned Bailieston license area.
A cash sale price of A$670,000 has been agreed for the Nagambie-Rushworth Road property, with a deposit of A$67,000 already received.
Funds raised will be deployed into ECR’s ongoing 2023 exploration programme.
The transaction marks the second disposal from selected non-core assets as outlined in the announcement of July 6th 2022.
Completion of the transaction and settlement of the A$603,000 final balance is expected to occur on or around April 27 2023.
CEO Andrew Haythorpe commented: “I am pleased to report that we have actioned the second in a series of planned disposals of non-core assets as outlined in our strategic plan last July. Once the sale completes, the proceeds will significantly bolster our cash position, ensuring that ECR can maintain all scheduled exploration and drilling activities.”
“Discussions over further asset disposals are continuing and I look forward to providing further updates in due course.”
Sale of 127 Nagambie-Rushworth Road
A Contract of Sale for the Nagambie-Rushworth Road property has been executed, with settlement and completion anticipated to occur on or around April 27 2023. A deposit of A$67,000 has already been paid, with the balance of A$603,000 due on completion. The buyer is a private individual.
As previously announced, further non-core asset disposals are planned, and we will update the markets in due course as appropriate.
FOR FURTHER INFORMATION, PLEASE CONTACT:
ECR Minerals plc
Tel: +44 (0) 20 7929 1010
David Tang, Non-Executive Chairman
Andrew Haythorpe, CEO
Email: [email protected]
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