ECR Minerals plc (LON:ECR) Issue of Equity

Craig Brown, Chief Executive Officer, commented: We are pleased by the confidence in ECR shown by investors in the Placing.

The Company is now in a strong position to implement our strategy, which centres on our exciting portfolio of gold projects in Victoria, Australia. Discussions with third parties regarding certain of these projects are continuing, and we hope to be in a position to update the market shortly.

PLACING OF SHARES

ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on Australia, is pleased to announce the placing (the “Placing”) of 100,000,000 new ordinary shares of 0.001p (the “Placing Shares”) at a Placing price of 0.5p per share for gross proceeds of £500,000.

The net proceeds of the Placing, which is conditional on admission of the Placing Shares to trading on AIM (“Admission”), will be used to support the ongoing activities of ECR, particularly in relation to its gold exploration projects in Victoria, Australia. The Placing was arranged by the Company’s broker SI Capital Ltd.

Placees will receive one warrant (“Warrant”) for each Placing Share. Each Warrant is exercisable to subscribe for a new ordinary share in ECR Minerals plc at a price of 1p for a period of 24 months from the date of Admission. If all the Warrants were to be exercised, this would generate proceeds of £1 million for the Company.

ISSUE OF SHARES FOR SERVICES, ADMISSION OF NEW SHARES AND TOTAL VOTING RIGHTS

In addition to the Placing Shares, the Company has agreed to issue 1,542,860 new ordinary shares in lieu of fees for services unconnected with the Placing (the “Payment Shares”). The deemed price of the Payment Shares is the same as the Placing price.

Admission of both the Placing Shares and Payment Shares is expected to occur on or around 20 April 2020. Following admission of the Placing Shares and the Payment Shares to trading on AIM, ECR’s issued ordinary share capital will comprise 552,473,643 ordinary shares of 0.001p. This number will represent the total voting rights in the Company, and, following admission of the Placing Shares and the Payment Shares, 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. The new shares will rank pari passu in all respects with the ordinary shares of the Company currently traded on AIM.

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.

ABOUT ECR MINERALS PLC

ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd has 100% ownership of the Avoca, Bailieston, Creswick, Moormbool and Timor gold exploration projects in central Victoria, Australia and the Windidda project in the Yilgarn region, Western 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.


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