ECR Minerals raises capital to fund Australia gold prospects
Source - SMW
ECR Minerals said it had raised £680k through a share issue to fund work on its gold prospects in Australia.
New shares in the company were issued at 0.7p each.
Combined with borrowings, the company said it now had sufficient working capital against enhanced operational plans, until at least the second quarter of 2022.
'Market conditions in the resource sector have been challenging in the latter half of 2018, for companies of our size and we believe the ability to source additional financing at this time is a validation of our business model and plans,' chief executive Craig Brown said.
At 2:30pm: (LON:ECR) ECR Minerals PLC share price was 0p at 0.68p