15th Feb 2023 11:49
(Alliance News) - ECR Minerals PLC on Wednesday said it has sold its 'Bailieston' property located at 127 Nagambie-Rushworth Road within the company's wholly-owned Bailieston license area.
The Australia-focused gold explorer said it sold the property for AUD670,000, around GBP382,805, and it has already received a deposit of AUD67,000. Competition of the transaction and the settlement of the final balance is expected to occur on or around April 27.
It added that funds raised will be used for its ongoing 2023 exploration programme
Looking ahead, ECR said discussions over further asset disposals are continuing.
Chief Executive Andrew Haythorpe said: "I am pleased to report that we have actioned the second in a series of planned disposals of non-core assets as outlined in our strategic plan last July. Once the sale completes, the proceeds will significantly bolster our cash position, ensuring that ECR can maintain all scheduled exploration and drilling activities."
Shares in ECR were up 0.7% to 0.78 pence each in London on Wednesday morning.
By Sophie Rose, Alliance News reporter
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