3rd Aug 2016 08:39
LONDON (Alliance News) - ECR Minerals PLC on Wednesday said Chief Executive Stephen Clayson has resigned from his role, effective from the end of August.
ECR did not say whether a search for a replacement has started but said the three remaining directors on its board - Richard Watts, Craig Brown and William Howell - all have "many years of public company and mining industry experience".
ECR on Tuesday had said it is evaluating a number of proposals to provide it with additional working capital, as well as potential paths for its future development which may involve a shake-up of its board.
The company, which has gold projects in Victoria, Australia, raised GBP323,750 in a share placing in early July, which it planned to use to repay amounts owed by it under its convertible loan facility with YA II PN Ltd, an investment fund managed by Yorkville Advisors Global LP.
However, ECR had noted on Tuesday that since it had received the proceeds of the placing, its share price had not reacted positively to its intention to repay the facility, the pound failed to recover significant value against the dollar, and it has been "subject to adverse social media and internet comment".
ECR had said it was referring to threats to requisition a general meeting to make changes to the board.
Shares in ECR were up 8.6% to 0.0076 pence on Wednesday following the announcement about Clayson.
By Sam Unsted; [email protected]; @SamUAtAlliance
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