27th Feb 2012 16:42
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
AIM: ECR
US OTC: MTGDY
ISSUE OF EQUITY
London: 27 February 2012 - ECR Minerals plc announces that it has issued and allotted a total of 19,103,351 ordinary shares of 0.1p at 1.0469p per share to YA Global SPV Ltd ("YA Global") in connection with an advance of £200,000 (the "Advance") under the Company's Standby Equity Distribution Agreement (SEDA) with YA Global.
The proceeds of the Advance will be applied towards repayment of the US$1.5M loan from YA Global to the Company announced on 15 August 2011 and in order to provide additional working capital to ACS Asia, the Thai metal products business in which the Company holds a 70% interest. ACS Asia is presently servicing a substantial cable management system order received from the Middle East and expects to secure a number of other sizable orders in the coming months.
Pursuant to this announcement application will be made for a total of 19,103,351 Ordinary Shares to be admitted to trading on AIM. Dealings are expected to commence on 1 March 2012. Following admission of these shares the Company will have a total of 713,909,432 Ordinary Shares in issue. The new Ordinary Shares will rank pari passu in all respects with the Ordinary Shares of the Company currently traded on AIM.
For further information please contact:
| ECR Minerals plc | Tel: +44 (0)20 7929 1010 | |||
| Michael Silver, Chairman | ||||
| Patrick Harford, Managing Director | ||||
| Stephen Clayson, Director & Chief Financial Officer | ||||
| Luca Tenuta, Non-Executive Director | ||||
| Email: [email protected] | ||||
| Website: www.ecrminerals.com | ||||
| Daniel Stewart & Company plc | Tel: +44 (0)20 7776 6550 | |||
| Paul Shackleton/Tessa Smith/David Hart | ||||
| Old Park Lane Capital plc | Tel: +44 (0)20 7493 8188 | |||
| Michael Parnes | ||||
| Blythe Weigh Communications | Tel: +44 (0)20 7138 3204 | |||
| Ana Ribeiro | ||||
| Barry Kaplan Associates | Tel: +1 732 747 0702 | |||
| Larry Kaplan | ||||
Copyright Business Wire 2012
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ECR Minerals