18th Nov 2015 08:49
LONDON (Alliance News) - Natural resources investment company Metal Tiger PLC on Wednesday said it has entered into a subscription agreement to buy GBP100,000 of equity in ECR Minerals, with warrants also attached to the deal.
Metal Tiger will pay GBP100,000 for 500.0 million ECR shares at 0.02 pence per share. It will also receive a warrant with every share for total of 500.0 million warrants with an exercise price of 0.04p. The share purchase gives Metal Tiger a 10.7% stake in ECR, while the exercise of the warrants would increase that to over 20%.
Should ECR announce a total mineral resource estimate for the Danglay gold project in the Philippines which exceeds 500,000 tonnes of gold equivalent, the exercise price on the warrants would increase to 0.06p.
ECR shares were down 9.9% to 0.0293p on Wednesday, while Metal Tiger shares were down 2.1% to 0.9302p.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
MTR.LECR Minerals