ECR MINERALS PLC - Share Issue/Capital Change 2020

National Storage Mechanism | Additional information

Updated Issue of Equity

The following amendment has been made to the 'Issue of Equity' announcement released on 16/07/2020 at 1.22 pm.

The admission date of ‘22 July 2020’ has been replaced with ’30 July 2020’

All other details remain unchanged. The full amended text is shown below.

ECR MINERALS plc

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

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 46,153,846 new ordinary shares of 0.001p (the “Placing Shares”) at a Placing price of 1.3p per share for gross proceeds of £600,000.

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, which was oversubscribed, 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 2.1p for a period of 24 months from the date of Admission. If all the Warrants were to be exercised, this would generate proceeds of approximately £969,000 for the Company.

Craig Brown, Chief Executive Officer, commented:

“We are pleased to announce this oversubscribed placing at a price substantially higher than the most recent prior placing.

The funds raised take the Company’s cash position to approximately £1.25 million pounds and, the Directors believe this puts ECR in a strategically strong position with regard to commercial discussions over our project interests and for the continuation of exploration.

I look forward to reporting further progress from Victoria, Australia, as material developments occur.”

ADMISSION OF NEW SHARES AND TOTAL VOTING RIGHTS

Admission of the Placing Shares to trading on AIM is expected to occur on or around 30 July 2020. Following admission, ECR’s issued ordinary share capital will comprise 600,627,489 ordinary shares of 0.001p. This number will represent the total voting rights in the Company, and, following admission of the Placing 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.

FOR FURTHER INFORMATION, PLEASE CONTACT:


ECR Minerals plc		Tel: +44 (0)20 7929 1010
David Tang, Non-Executive Chairman
Craig Brown, Director & CEO
Email: [email protected]
Website: www.ecrminerals.com

WH Ireland Ltd		Tel: +44 (0)161 832 2174
Nominated Adviser
Katy Mitchell/James Sinclair-Ford

SI Capital Ltd		Tel: +44 (0)1483 413500
Broker
Nick Emerson

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 Bailieston and Creswick gold projects in central Victoria, Australia.

Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX), ECR has the right to receive up to A$2 million in payments subject to future resource estimation or production at those projects.

ECR has earned a 25% interest in the Danglay gold project, an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, and holds a royalty on the SLM gold project in La Rioja Province, Argentina.