6th Sep 2016 07:51
LONDON (Alliance News) - Gold miner ECR Minerals PLC on Tuesday said it has raised GBP500,000 via a subscription to boost working capital.
ECR said it has issued 10.00 billion shares at 0.005 pence per share to raise the funds. Shares in the company were down 15% to 0.0053p on Tuesday morning, one of the worst performers in the AIM All-Share.
ECR said the new funds will be used for working capital and to further work on its gold prospects in Australia, in addition to look at new investment opportunities.
The cash the company has on its books prior to the placing proceeds will be used to repay trade creditors and repay in full amounts owed by ECR under its convertible loan facility with YA II PN Ltd.
By Sam Unsted; [email protected]; @SamUAtAlliance
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