ECR Minerals PLC on Monday said it raised £950,000 through a new share subscription, which will be used to advance the company’s projects in Australia.

The gold-focused exploration and development company said the subscription totalled 287.9 million shares at a price of 0.33 pence per new ordinary share.

The company said the subscription price represents a discount of approximately 20.5% to the closing price of 0.415 pence on November 22.

Shares in ECR Minerals fell 18% to 0.34p in London on Monday afternoon.

The company said the proceeds will be used to advance projects in Victoria and Queensland, Australia during 2025. These include completing the commercialisation assessment of production at the Blue Mountain site and preparing it for revenue generation by the end of the first half of the year.

Chair Nick Tulloch said: ‘Through the subscription we will be funded for our planned 2025 programme, meaning that whilst we seek to conclude what could be a valuable sale of our tax losses...we can commence detailed preparations for the coming year. A particular highlight is our intention to prepare Blue Mountain to be capable of going into production and our assessment of the commercialisation of that project is already well underway.’

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