TIDMECR

RNS Number : 8660Q

ECR Minerals PLC

20 October 2023

ECR MINERALS plc

("ECR Minerals" or the "Company")

Cancellation of Share Options

ECR Minerals plc (LON:ECR), the exploration and development company focused on gold in Australia, announces that it has agreed with certain Directors to cancel the following share options ("Options") over 54,000,000 ordinary shares in the Company (the "Cancellation"). No further Options will be issued in the near term.

 
 Name of         Option issued       Option         Total Options     Total Options 
  Director        on 17 April 2023    issued 23      which are the     held by directors 
                  (three tranches     January        subject of the    following the 
                  exercisable at      2022 (at       Cancellation      Cancellation 
                  1p, 2p and 3p)      an exercise 
                                      price of 
                                      2.2p 
 David Tang 
  (Chairman)     6,000,000           10,000,000     16,000,000        NIL 
                ------------------  -------------  ----------------  ------------------- 
 Adam Jones      12,000,000          5,000,000      17,000,000        NIL 
                ------------------  -------------  ----------------  ------------------- 
 Andrew 
  Scott          6,000,000           15,000,000     21,000,000        NIL 
                ------------------  -------------  ----------------  ------------------- 
 Nick Tulloch    NIL                 NIL            NIL               NIL 
                ------------------  -------------  ----------------  ------------------- 
 Trevor          NIL                 NIL            NIL               NIL 
  Davenport 
                ------------------  -------------  ----------------  ------------------- 
 TOTAL           24,000,000          30,000,000     54,000,000        0 
                ------------------  -------------  ----------------  -------------------

ECR Managing Director Nick Tulloch commented: "Our Board are fully focussed on aligning with shareholders amid these challenging market conditions and we have also sought to limit as far as possible any further dilution for shareholders. The cancellation of all outstanding share options marks a significant recognition in that regard. At the time of our recent fundraising, Mike Whitlow and I joined on a substantially performance-based remuneration package and other members of the board sacrificed part of their salary to take shares at the fundraising price. I would expect any further equity awards that we may make to management to follow this template."

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

ABOUT ECR MINERALS PLC

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 km(2) over a relatively unexplored area in Lolworth Range, Queensland, Australia. The Company has also submitted a license application at Kondaparinga which is approx 120km(2) 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), Mercator Gold Australia Pty Limited 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.

ECR holds a 90% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina and can potentially receive up to US$2.7 million in aggregate across all licences.

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END

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(END) Dow Jones Newswires

October 20, 2023 12:09 ET (16:09 GMT)

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