ECR MINERALS
plc
("ECR Minerals", "ECR" or the
"Company")
Salary Sacrifice, Admission
of Shares and Total Voting Rights
ECR
Minerals plc (LON: ECR), the exploration and development company
focused on gold in Australia, is pleased to announce an extension
of the directors' salary sacrifice scheme as well as the issue of
new ordinary shares in respect of the existing salary sacrifice
scheme.
Salary Sacrifice
In September 2023, four members of
the then board of directors, David Tang, Andrew Scott, Adam Jones
and Trevor Davenport, agreed to subscribe for new ordinary shares
in ECR ("New Ordinary Shares") in lieu of an aggregate of £40,000
salary (£10,000 each), thereby preserving the Company's cash
resources. These four then directors subsequently agreed to extend
this arrangement on 16 November 2023 by subscribing for a further
£40,000 (£10,000 each) of New Ordinary Shares in
aggregate.
David Tang, Andrew Scott
and Trevor Davenport have now agreed to extend this
arrangement for a third time through to 30 June 2024 by subscribing
for New Ordinary Shares in lieu of an aggregate of £39,000 salary
(£13,000 each) that they would be otherwise due through to that
date. Adam Jones has since left the board, although remains
with ECR as Chief Geologist, so is no longer included in these
arrangements.
These New Ordinary Shares will be
issued on or around 30 June 2024, with admission to trading
commencing on or around 4 July 2024. The number of the New
Ordinary Shares to be issued will be calculated by reference to (i)
the price at which an equity fundraising in the Company is carried
out in the period of the salary sacrifice or (ii) if there is no
fundraising, the price equal to the volume weighted average price
of ordinary shares in the Company calculated over the previous 14
days. A further announcement will be made at that
time.
Nick Tulloch and Mike Whitlow are
already remunerated substantially by the issue of New Ordinary
Shares as announced on 18 September 2023.
Issue of New Shares
The Company is pleased to confirm that the new ordinary shares awarded
pursuant to the salary sacrifice announced on 16 November 2023
("New Ordinary Shares")
have been issued and allotted. Each of David Tang, Andrew
Scott, Trevor Davenport and Adam Jones have received 3,333,333 New
Ordinary Shares in lieu of an aggregate of £40,000 salary (a total
of 13,333,332 Ordinary Shares). The New Ordinary Shares were
issued at a price of 0.3 pence per share in line with the
fundraising announced on 14 March 2024 (in accordance the terms of
the salary sacrifice)
The total ordinary shares in ECR
Minerals currently held by David, Andrew and Trevor, as PDMRs of
the Company, are as follows:
Name
|
Shares in the Company Issued today
|
Total Shares in the Company now held
|
Percentage of the Company's issued equity held (after
admission of the New Ordinary Shares)
|
David Tang
|
3,333,333
|
9,047,618
|
0.49%
|
Andrew Scott
|
3,333,333
|
9,047,618
|
0.49%
|
Trevor Davenport
|
3,333,333
|
9,047,618
|
0.49%
|
Total
|
9,999,999
|
|
|
Admission and Disclosure and Transparency
Rules
Application has been made for
13,333,332 New Ordinary Shares to be admitted to trading on AIM
("Admission") and it is
expected that Admission will become effective on or around 24 April
2024. The New Ordinary Shares will rank pari passu with the
existing ordinary shares. Upon Admission, ECR's issued ordinary
share capital will comprise 1,839,753,425 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.
Nick Tulloch, Chairman, said: "Once again, my fellow board
members are continuing our ethos of aligning themselves with our
shareholders and conserving the Company's cash resources. I
would like to express my gratitude for this further vote of
confidence in our strategic direction and the opportunities we are
creating."
FOR
FURTHER INFORMATION, PLEASE CONTACT:
ECR Minerals
plc
|
|
Tel: +44 (0) 20 7929 1010
|
Nick Tulloch, Chairman
Andrew Scott, Director
|
|
|
|
|
|
Email:
info@ecrminerals.com
|
|
|
Website:
www.ecrminerals.com
|
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WH Ireland
Ltd
|
|
Tel: +44 (0) 207 220 1666
|
Nominated Adviser
Katy Mitchell / Andrew de Andrade
|
|
|
|
|
|
Axis Capital
Markets Limited
|
|
Tel: +44 (0) 203 026
0320
|
Broker
|
|
|
Ben Tadd/Lewis Jones
|
|
|
|
|
|
SI Capital
Ltd
|
|
Tel: +44 (0) 1483 413500
|
Broker
|
|
|
Nick Emerson
|
|
|
|
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|
Novum
Securities Limited
|
|
Tel: +44 (0) 20 7399 9425
|
Broker
Jon Belliss
|
|
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Brand
Communications
|
|
Tel: +44 (0) 7976 431608
|
Public & Investor
Relations
|
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Alan Green
|
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ABOUT ECR MINERALS PLC
ECR Minerals is a mineral exploration and
development company. ECR's wholly owned Australian subsidiary
Mercator Gold Australia Pty Ltd ("MGA") has 100% ownership of the
Bailieston and Creswick gold projects in central Victoria,
Australia, has six licence applications outstanding which includes
one licence application lodged in eastern Victoria (Tambo gold
project).
ECR also owns 100% of an Australian subsidiary
LUX Exploration Pty Ltd ("LUX") which has three approved
exploration permits covering 946 km2 over a relatively unexplored
area in Lolworth Range, Queensland, Australia. The Company has also
submitted a license application at Kondaparinga which is
approximately 120km2 in area and located within
the Hodgkinson Gold Province, 80km NW of Mareeba, North
Queensland.
Following the sale of the Avoca, Moormbool and
Timor gold projects in Victoria, Australia to Fosterville South
Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the
Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), MGA
has the right to receive up to A$2 million in payments subject to
future resource estimation or production from projects sold to
Fosterville South Exploration Limited. MGA also has
approximately A$75 million of unutilised tax losses incurred during
previous operations.
ECR holds a 90% interest in the Danglay gold
project in the Philippines and a royalty on the SLM gold project in
La Rioja Province, Argentina which could potentially receive up to
US$2.7 million in aggregate across all licences.