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ECR Minerals: Repayment of Yorkville Facility.

ECR Minerals: Repayment of Yorkville Facility. Share price opens up higher by 15%

REPAYMENT OF YORKVILLE FACILITY

Please see details below on the full repayment of the Yorkville facility.

Highlights:

  •         The share price has reacted positively on the back of the announcement – up 15% to .0058 pence a share
  •         The repayment of the facility will allow the Company to focus on creating value on current projects
  •         The Company has reduced its liabilities by £400k.  

LONDON: 27 SEPTEMBER 2016 - The directors of ECR Minerals plc (the “Directors”) are pleased to announce that ECR has repaid all amounts owed by the Company under the convertible loan facility (the “Facility”) with YA II PN Ltd (formerly known as YA Global Master SPV Ltd), an investment fund managed by Yorkville Advisors Global LP (“Yorkville”). The Directors confirm that the Company does not intend to make further use of the Facility, or similar facilities.

The repayment was made using funds held by ECR prior to the completion of the subscription for new ordinary shares which was announced on 6 September 2016 (the “Subscription”). Therefore, the net proceeds of the Subscription of £475,000 are largely available to fund the Company’s future activities.

Taking account of the liabilities settled pursuant to ECR’s announcement dated 14 September 2016, the Company’s creditors have reduced by approximately £400,000, and no significant creditors remain outstanding.

Craig Brown, Chief Executive Officer of ECR, commented:

“ECR is working to maximise the value of its current projects whilst evaluating potential new opportunities. With the repayment of Yorkville and the recent Subscription, the Company now has the benefit of a fresh start in terms of its finances.”