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:

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.”

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