ECR Minerals, an Australia-focused gold-mining company, has announced its plan to raise £580,000 through a share subscription. The funds raised will be utilized to advance the company’s existing assets, explore potential new opportunities, and support working-capital needs.
Shareholder Approval Required
The fund raising is subject to approval by shareholders at an upcoming general meeting. In the event that the approval is not obtained, the company will need to find alternative funding in the short term to meet its immediate working-capital requirements.
New Shares at a Discounted Price
If approved, ECR Minerals will issue 331.4 million new ordinary shares to high-net-worth individuals and institutional investors at a price of 0.175 pence per share. This represents a 24% discount from the closing price on Friday, which was 0.23 pence.
Allocation of Funds
Should the fund raising be approved, Managing Director Nick Tulloch anticipates that the majority of the raised funds will be allocated to fast track ECR’s Queensland projects. Additionally, there are other potential opportunities that the board may decide to pursue once thorough due diligence has been conducted.
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