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ECR Minerals #ECR – Interview with Chief Geologist Adam Jones

ECR Minerals’ (LON: ECR) chief geologist Adam Jones gives an update following release of the final bulk sampling results from the company’s reverse circulation drilling programme at the Kuboid Hill site in Creswick earlier this year. Bulk sampling of drilled material highlighted high-grade pockets of gold within the broader scale mineralisation footprint. Jones also looks ahead to forthcoming plans in Queensland.

ECR Minerals #ECR – Salary Sacrifice, Admission of Shares and Total Voting Rights

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce an extension of the directors’ salary sacrifice scheme as well as the issue of new ordinary shares in respect of the existing salary sacrifice scheme.

Salary Sacrifice

In September 2023, four members of the then board of directors, David Tang, Andrew Scott, Adam Jones and Trevor Davenport, agreed to subscribe for new ordinary shares in ECR (“New Ordinary Shares”) in lieu of an aggregate of £40,000 salary (£10,000 each), thereby preserving the Company’s cash resources. These four then directors subsequently agreed to extend this arrangement on 16 November 2023 by subscribing for a further £40,000 (£10,000 each) of New Ordinary Shares in aggregate.

David Tang, Andrew Scott and Trevor Davenport have now agreed to extend this arrangement for a third time through to 30 June 2024 by subscribing for New Ordinary Shares in lieu of an aggregate of £39,000 salary (£13,000 each) that they would be otherwise due through to that date.  Adam Jones has since left the board, although remains with ECR as Chief Geologist, so is no longer included in these arrangements.

These New Ordinary Shares will be issued on or around 30 June 2024, with admission to trading commencing on or around 4 July 2024. The number of the New Ordinary Shares to be issued will be calculated by reference to (i) the price at which an equity fundraising in the Company is carried out in the period of the salary sacrifice or (ii) if there is no fundraising, the price equal to the volume weighted average price of ordinary shares in the Company calculated over the previous 14 days.  A further announcement will be made at that time.

Nick Tulloch and Mike Whitlow are already remunerated substantially by the issue of New Ordinary Shares as announced on 18 September 2023.

Issue of New Shares

The Company is pleased to confirm that the new ordinary shares awarded pursuant to the salary sacrifice announced on 16 November 2023 (“New Ordinary Shares”) have been issued and allotted.  Each of David Tang, Andrew Scott, Trevor Davenport and Adam Jones have received 3,333,333 New Ordinary Shares in lieu of an aggregate of £40,000 salary (a total of 13,333,332 Ordinary Shares).  The New Ordinary Shares were issued at a price of 0.3 pence per share in line with the fundraising announced on 14 March 2024 (in accordance the terms of the salary sacrifice)

The total ordinary shares in ECR Minerals currently held by David, Andrew and Trevor, 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 (after admission of the New Ordinary Shares)
David Tang 3,333,333 9,047,618 0.49%
Andrew Scott 3,333,333 9,047,618 0.49%
Trevor Davenport 3,333,333 9,047,618 0.49%
Total 9,999,999

Admission and Disclosure and Transparency Rules

Application has been made for 13,333,332 New Ordinary Shares to be admitted to trading on AIM (“Admission“) and it is expected that Admission will become effective on or around 24 April 2024. The New Ordinary Shares will rank pari passu with the existing ordinary shares. Upon Admission, ECR’s issued ordinary share capital will comprise 1,839,753,425 ordinary shares of 0.001p. 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.

Nick Tulloch, Chairman, said: “Once again, my fellow board members are continuing our ethos of aligning themselves with our shareholders and conserving the Company’s cash resources.  I would like to express my gratitude for this further vote of confidence in our strategic direction and the opportunities we are creating.”

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

ECR Minerals plc Tel: +44 (0) 20 7929 1010
Nick Tulloch, Chairman

Andrew Scott, Director

Email:

info@ecrminerals.com

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

Jon Belliss

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

ECR Minerals #ECR – CEO Nick Tulloch talks to Andrew Scott

ECR Minerals #ECR – CEO Nick Tulloch talks to Andrew Scott
✅ Kuboid Hill results
✅ Davey Road results
✅ Funded for work programmes in Victoria & Queensland
✅ Tambo next up
✅ Blue Mountain
✅ Tax losses & cash management

ECR Minerals #ECR – Mike Whitlow and Andrew Scott discuss the £585,000 capital raise

ECR Minerals COO Mike Whitlow discusses the recent fundraise with Andrew Scott. Mike explains the mechanism behind the raise, how two key investors supported and how the money, offered at 0.3p, is a key step towards building a company with a £20-£30m market cap. Mike discusses how the cash will be deployed going forward, and the activities planned on the back of the raise.

ECR Minerals #ECR MD Nick Tulloch on his trip to Victoria

ECR Minerals #ECR MD Nick Tulloch discusses his trip to Victoria with Andrew Scott. He covers the site trips with Adam Jones to the Company’s key projects, and the opportunities identified.

ECR Minerals #ECR – Creswick Drilling Campaign, Andrew Scott talks to Adam Jones

ECR Minerals Technical Director Adam Jones talks to Andrew Scott about Creswick campaign progress at the Davey Road prospect and how the team are refining the approach to prospecting in the region

  • Quartz seen between 30-60m
  • gold shoot is believed to be located at a knoll at the Davey Road prospect
  • Drilling into the shoot will help to work out the distribution of the gold grades and the estimated location of the main quartz trend and spur veins
  • An estimated 50m of strike at the Kuboid Hill prospect

ECR Minerals #ECR – Salary Sacrifice Share Admission and Total Voting Rights

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 four members of the board pursuant to the salary sacrifice announced on 19 September 2023 (“Existing Directors Shares”) have been issued and allotted.  Each of David Tang, Andrew Scott, Trevor Davenport and Adam Jones have received 5,714,285 Existing Directors Shares in lieu of an aggregate of £40,000 salary.  This salary sacrifice is in addition to the further salary sacrifice that was announced on 16 November 2023.

Admission and Disclosure and Transparency Rules

Application has been made for 22,857,142 Existing Directors Shares to be admitted to trading on AIM (“Admission“) and it is expected that Admission will become effective on or around 4 December 2023. The Existing Directors Shares will rank pari passu with the existing ordinary shares. Upon Admission, ECR’s issued ordinary share capital will comprise 1,569,083,142 ordinary shares of 0.001p. 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.

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

ECR Minerals plc Tel: +44 (0) 20 7929 1010
David Tang, Non-Executive Chairman

Nick Tulloch, Managing Director

Andrew Scott, Director

Email:

info@ecrminerals.com

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

Katy Mitchell / Andrew de Andrade

SI Capital Ltd Tel: +44 (0) 1483 413500
Broker
Nick Emerson
Novum Securities Limited  Tel: +44 (0) 20 7399 9425
Broker

Jon Belliss

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

ECR Minerals #ECR – Interview – Back to Victoria

ECR Minerals #ECR – Interview – Back to Victoria. Andrew Scott talks to Nick Tulloch and Adam Jones about the rationale behind the return to drilling activities at Victoria following the exceptional drilling results fromSouthern Cross Gold (ASX: #SXG) at the Sunday Creek project & restart of work by Falcon Metals Ltd  (ASX: #FAL) north of Bendigo Adam is speaking live from Kuboid Hill at Creswick 

ECR Minerals #ECR – MD Nick Tulloch discusses the Hurricane Project & Cancellation of Share Options

ECR Minerals MD Nick Tulloch discussed the cancellation of the Hurricane project option, how the opportunity was overpriced and way too big for the company. In contrast Kondaparinga is over twice the size, the costs are negligible and it could be a potential replacement for Hurricane.

Looking at the portfolio, Nick believes Lolworth has huge upside, plus there are a number of other opportunities. The team are looking for sensible assets to get a decent return.

As part of the housekeeping process, management share options have been cancelled, Nick explains that they simply don’t make sense at current levels. In summary, the new team now have their feet under the table. Nick says ECR is a small company with a v wide portfolio and a good team. Going forward all decisions will be underscored by value. Seeking the right opportunity at the right price.

ECR Minerals #ECR – Approval of Subscription: Posting of Circular and Notice of GM, Approval of Directors Share Agreements, PDMR Dealing & Issue of Adviser Shares

As announced on 18 September 2023, the Company has conditionally raised £580,000 by way of a direct subscription (“Subscription”) through the issue of 331,392,844 new ordinary shares in the Company (“New Ordinary Shares”), at a price of 0.175p per New Ordinary Share. The Subscription was conditional upon, amongst other things, the approval by shareholders of certain resolutions to be proposed at the upcoming general meeting of the Company. The Company confirms that it will today publish and dispatch a shareholder circular (“Circular”), together with a notice convening a general meeting (“GM”) of the Company (the “Notice”). The GM will be held at Office T3, Hurlingham Studios, Ranelagh Gardens, London, SW6 3PA on 6 October 2023 at 11.00 a.m.

The associated Circular and Notice of GM will be posted to shareholders today, and will be available on the Company’s website shortly at: https://www.ecrminerals.com/investors-media/circulars

Salary Sacrifice

Alongside the Subscription, four members of the board of directors, David Tang, Andrew Scott, Adam Jones and Trevor Davenport, have agreed, conditional on the passing of the resolutions at the upcoming general meeting, to subscribe for 22,857,142 New Ordinary Shares at the Subscription Price of 0.175p in lieu of an aggregate of £40,000 salary, thereby further preserving the Company’s cash resources.

The Ordinary Shares proposed to be issued to certain members of the Board are as follows:

Director Position Salary Sacrificed in the period 1 August 2023 to 30 November 2023 Number of New Ordinary Shares to be issued in lieu of salary (conditional) at 0.175p Total Shares then held if Admission was to occur.
David Tang Chairman £10,000 5,714,285 5,714,285
Andrew Scott Director £10,000 5,714,285 5,714,285
Trevor Davenport Director £10,000

 

5,714,285 5,714,285
Adam Jones Technical Director £10,000 5,714,285 5,714,285
 

(together the “Existing Directors Shares”)

If the resolutions are approved by Shareholders, it is intended that the Existing Directors Shares will be issued on or around 30 November 2023, with admission to trading commencing on or around 1 December 2023. A further announcement would be made at that time.

Issue of Shares to New Director and PDMR 

As announced on 15 September 2023, the Company has appointed two new senior management team members. Nick Tulloch, has been appointed Executive Director and Managing Director of the Company and Mike Whitlow has been appointed as Chief Operating Officer (non board position). As part of joining the Company they have now agreed to a remuneration package that is (i) predominantly based on earning equity in the Company; (ii) is designed to incentivise and align their interests with Shareholders and (iii) preserves the Company’s cash resources.  Accordingly it has been agreed that they will each receive a salary of £102,000 per annum of which £12,000 is to be paid in cash pro rata across the year, and the balance is to be satisfied by the issue of equity in four quarterly payments of £22,500 using the mechanism set out below:

  • On 14 December 2023, the issue of 12,857,142 Ordinary Shares each (being £22,500 Ordinary Shares at a price of 0.175 pence each); and
  • At the end of each subsequent quarter (14 March 2024, 14 June 2024 and 14 September 2024), the issue of ordinary shares valued in the Company at a value of £22,500, with such number of shares calculated by reference to: (i) the price at which an equity fundraising in the Company was carried out during that quarter or (ii) if there was no fundraising, the price equal to the volume weighted average price of ordinary shares in the Company calculated over the previous 14 days, provided always that the minimum ordinary share price that shall apply is 0.175 pence.

(together the “New Directors Shares”)

In each case the issue of these shares is conditional on the relevant person being a director of the Company. On the first anniversary of the date of the employment the Company and each of Nick Tulloch and Mike Whitlow will agree new remuneration terms. 

If approved by Shareholders, it is intended that the first Tranche of the New Director Shares (being 25,714,284 Ordinary Shares, in total and in aggregate) will be issued on or around 14 December 2023, with admission to trading on AIM commencing on or around 15 December 2023. A further announcement would be made at that time.

New Advisor Shares

Certain key advisers of the Company have conditionally agreed to receive 6,857,142 Ordinary Shares (the “Adviser Shares”) in lieu of £12,000 of cash invoice entitlements, to assist the Company in conserving its cash resources. If approved by Shareholders, it is intended that the Adviser Shares will be issued on or around 9 October 2023, with admission to trading on AIM commencing on or around 9 October 2023.

Use of Proceeds and Requirement for Shareholders to Vote

The proceeds of £580,000 (gross) to be raised through the Subscription will provide the Company with the necessary funding it requires to advance the Company’s extensive existing assets, to progress new opportunities and for working capital purposes. In the event that the resolutions at the General Meeting are not approved and the proposed Subscription does not complete, the Directors would need to consider urgently alternative sources of funding to meet its immediate working capital needs. There is no assurance that any such alternative funding arrangements could be put in place in the timescale required, which would have a materially adverse effect on the Company, and accordingly, the Directors unanimously recommend that Shareholders vote in favour of each of the Resolutions required to be passed to implement the Subscription.

The total number of ordinary shares to be issued pursuant to the Subscription, the Existing Directors Shares, the New Directors Shares and the Adviser Shares is 463,964,270 Ordinary Shares (“Total New Ordinary Shares”). Following the issue and Admission of the Total New Ordinary Shares (which is conditional on, among other items, the passing of the resolutions at the upcoming General Meeting and the Admission dates set out above) the total issued share capital in the Company would be 1,671,940,285 Ordinary Shares.

ECR Managing Director Nick Tulloch commented: “As we announced yesterday, the Subscription generated material interest from a number of prospective investors and I am pleased to report that it is being further supported by members of the board and certain of our advisers who are aligning themselves with our shareholders.” 

“Mike and I are less than a week into our new roles but we are grateful for the response to the Subscription that leaves ECR very well placed to advance both our current portfolio of assets as well as develop new opportunities.”

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

ECR Minerals plc Tel: +44 (0) 20 7929 1010
David Tang, Non-Executive Chairman

Nick Tulloch, Managing Director

Andrew Scott, Director

Email:

info@ecrminerals.com

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

Katy Mitchell / Andrew de Andrade

SI Capital Ltd Tel: +44 (0) 1483 413500
Broker
Nick Emerson
Novum Securities Limited  Tel: +44 (0) 20 7399 9425
Broker

Jon Belliss

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