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ECR Minerals to raise £2m via equity placing to fund expansion of drilling campaign
StockMarketWire.com
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Gold exploration and development ECR Minerals announced plans to raise £2 million through a equity placing at 2.2 pence shares to fund the ramp-up of its drilling campaign.
The company plans to place 90,909,091 shares.
Placees will receive one warrant for every two placing shares, with each warrant permitting the holder to subscribe for one new ordinary share in ECR Minerals plc at a price of 3.75p for a period of 24 months from the date of admission.
The net proceeds of the placing will be used to ramp-up drilling and exploration activities on gold exploration projects in Victoria, Australia and for working capital purposes, the company said.
'ECR expects to be in a position to report assay results from initial holes later this month,' it added.
At 10:02am: (LON:ECR) ECR Minerals PLC share price was 0p at 2.05p
Story provided by StockMarketWire.com
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