ECR Minerals (ECR ) has raised a further £250,000 from an institutional investor, to add to the placing to raise £636,250 that was announced on 10th August.
The additional money is being raised on the same terms, with warrants also issued.
The proceeds will be used to make further progress at the Maddens gold project in Australia, and for general working capital projects.
"We are delighted to have received this additional support from an institutional investor, increasing the size of the Fundraising to £886,250,” said Nick Tulloch, ECR's chairman.
“We believe this further investment reflects growing confidence in both the progress that we are making at the Maddens gold project and our strategy of building a diversified Australian gold company centred on near-term production. Our strengthened balance sheet allows us to further accelerate underground development at Maddens, advance trial mining at Brothers and continue exploring what we believe is a highly prospective and underexplored goldfield. With production expected to commence later this year and a strong pipeline of operational milestones ahead, we are entering a particularly exciting period for ECR and we look forward to keeping shareholders updated as we continue to deliver on our strategy."
View from Vox
It’s always good to get institutions onto the register, and the additional funds attained will add useful heft to the development of Maddens. It’s expected that production from Maddens will commence fairly soon, and chairman Nick Tulloch will be travelling out to Australia shortly to witness the first gold pour. These are transformational times from ECR.