ECR Minerals PLC, a company focused on gold exploration and development in Australia, has announced an extension of the directors' salary sacrifice scheme and the issue of new ordinary shares. The extension of the salary sacrifice involves several former directors subscribing for new ordinary shares in lieu of salary. The New Ordinary Shares will be issued on or around September 30, 2024, with admission to trading commencing on or around October 1, 2024.
The number of the New Ordinary Shares to be issued will be calculated based on the price at which an equity fundraising in the Company is carried out in the period of the salary sacrifice or, 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. The company will make a further announcement at that time.
In addition, ECR Minerals PLC has confirmed the issuance and allotment of new ordinary shares awarded pursuant to the salary sacrifice announced on April 18, 2024. Each of David Tang, Andrew Scott, and Trevor Davenport have received 4,816,598 New Ordinary Shares in lieu of an aggregate of £39,000 salary. The total ordinary shares in ECR Minerals currently held by Andrew and Trevor, as PDMRs of the Company, are 13,864,216, representing 0.74% of the Company's issued equity held by each.
Application has been made for 14,449,794 New Ordinary Shares to be admitted to trading on AIM, and it is expected that Admission will become effective on or around August 15, 2024. Upon Admission, ECR's issued ordinary share capital will comprise 1,871,510,911 ordinary shares of 0.001p, representing the total voting rights in the Company.
Nick Tulloch, Chairman of ECR Minerals, expressed gratitude to Andrew and Trevor for extending their salary sacrifice, emphasizing the Board's ethos of aligning itself with shareholders and conserving the Company's cash resources. He sees this as a further vote of confidence in the company's strategy and the opportunities ahead.
ECR Minerals PLC is a mineral exploration and development company with wholly owned Australian subsidiaries, Mercator Gold Australia Pty Ltd and LUX Exploration Pty Ltd, holding various gold projects and exploration permits in Australia.