Home » ECR Minerals (ECR) » ECR Minerals #ECR – Issue of Equity, TVR & PDMR Dealing

ECR Minerals #ECR – Issue of Equity, TVR & PDMR Dealing

ECRECR Minerals plc (LON:ECR), the exploration and development company focused on gold in Australia, is pleased to confirm that the new ordinary shares awarded to Nick Tulloch, managing director, and Mike Whitlow, chief operating officer pursuant to their remuneration arrangements announced on 19 September 2023 have been issued and allotted.  Accordingly, each of Nick Tulloch and Mike Whitlow have received 7,500,000 new ordinary shares, in lieu of £22,500 of their remuneration for the period 15 March 2024 to 14 June 2024, at a price of 0.3 pence per share.

The total ordinary shares in ECR Minerals currently held by Nick and Mike, as PDMRs of the Company, are as follows:

Name Shares in the Company Issued today Total Shares in the Company now held Percentage of the Company’s issued equity held
Nick Tulloch 7,500,00 30,055,417 1.62%
Mike Whitlow 7,500,00 30,055,417 1.62%
Total 15,000,000

Additional Issue of Equity

At the same time, the Company has agreed to issue and allot 2,307,692 new ordinary shares in lieu of £6,000 of fees owed by the Company in order to assist the Company in conserving its cash resources. These shares have been issued at a price of 0.26 pence, which was the volume weighted average price for ECR Mineral’s ordinary shares over the 14 trading days prior to the date of the invoice.

Admission and Disclosure and Transparency Rules

Application has been made for 17,307,692 new ordinary shares to be admitted to trading on AIM (“Admission”) and it is expected that Admission will become effective on or around 17 June 2024. The new ordinary shares will rank pari passu with the existing ordinary shares. Upon Admission, ECR’s issued ordinary share capital will comprise 1,857,061,117 ordinary shares of 0.001 pence. This number will represent the total voting rights in the Company, and, following admission may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules.



ECR Minerals plc Tel: +44 (0) 1738 317 693
Nick Tulloch, Chairman

Andrew Scott, Director



Website: www.ecrminerals.com
WH Ireland Ltd   Tel: +44 (0) 207 220 1666
Nominated Adviser

Katy Mitchell / Andrew de Andrade

Axis Capital Markets Limited Tel: +44 (0) 203 026 0320
Ben Tadd/Lewis Jones
SI Capital Ltd Tel: +44 (0) 1483 413500
Nick Emerson
Novum Securities Limited  Tel: +44 (0) 20 7399 9425

Jon Belliss

Brand Communications Tel: +44 (0) 7976 431608
Public & Investor Relations
Alan Green


ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has six licence applications outstanding which includes one licence application lodged in eastern Victoria (Tambo gold project).

ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three approved exploration permits covering 946 km2 over a relatively unexplored area in Lolworth Range, Queensland, Australia. The Company has also submitted a license application at Kondaparinga which is approximately 120km2 in area and located within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland.

Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), MGA has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited.  MGA also has approximately A$75 million of unutilised tax losses incurred during previous operations.

ECR holds a royalty on the SLM gold project in La Rioja Province, Argentina which could potentially receive up to US$2.7 million in aggregate across all licences.

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