(MENAFN- ProactiveInvestors - UK) ECR Minerals (LON:ECR) is mulling a number of ways to move forward after it reversed a decision to repay a convertible loan facility.
The gold exploration junior had expected a better share price reaction to the news it was repaying the facility, it said. Weakness in sterling compared to the Aussie dollar and threats of a general meeting to change the board have added to the pressure. ECR owes 302,000 under the loan facility and has 375,000 in cash following a placing earlier this month. The company added that it also owes chief executive Stephen Clayson 100,000 as a result of salary deferrals over the past two years. ECR currently is working on a conceptual economic study for gold production from alluvial waste dumps at the Avoca project in Australia. Outstanding items are the receipt of metallurgical testwork results and a compilation of resource estimates for multiple dumps, which is ongoing. 'Whilst the Board considers the strategy of the Group and evaluates a number of proposals for providing working capital to the Group, Bill Howell [chairman] and Stephen Clayson have voluntarily reduced their salaries/fees,' the company added.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.