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ECR Minerals to mull new opportunities as it raises £500,000

ECR Minerals PLC (LON:ECR) has brought in £500,000 via an oversubscribed subscription to use for working capital, it said.

The firm will also use the money for ongoing activity in Australia, where it owns the Avoca and Bailieston gold projects, and to look at new opportunities, it said.

The subscription was for 10bn shares at 0.0005p. The closing price of the shares on Monday was  0.0063p.

ECR said current cash, before it receives the £475,000 from the subscription, will be used to repay existing trade creditors and repay in full all amounts owed under its  convertible loan facility with Yorkville.

Optiva has also become joint broker, to which it has granted more than 1bn warrants, including 400mln warrants exercisable immediately at 0.005p, and a further 500mln at the same price, vesting on completion of the subscription.

Craig Brown, new chief executive  of ECR said: "The subscription, which was over-subscribed by 15%, is an encouraging vote of confidence in ECR’s future.

"This will enable the board to use its technical strengths and expertise to maximise the value of the company’s existing assets whilst evaluating further new business opportunities."

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