LONDON (ShareCast) - (Sharecast News) - Australia-focussed gold explorer and developer ECR Minerals announced on Wednesday that it would issue AUD 0.12m (£0.07m) of fees to GoldOz.
The AIM-traded firm said the payment would satisfy all fees owing to GoldOz as adviser on the recent option agreement and potential acquisition of Placer Gold, which it announced on 27 October.

"The fee is to be satisfied by a payment of AUD 0.06m in cash, and AUD 0.06m in shares through the issue of 3,272,608 shares at a price of 1.03p, calculated by reference to the 30-day volume-weighted average price," the ECR board said in its statement.

Application had been made for the shares to be admitted to trading on AIM, which was expected to occur on or around 28 November.

On admission, ECR said its total issued ordinary share capital would comprise 1,067,737,159 shares.

At 1303 GMT, shares in ECR Minerals were up 2.67% at 1.08p.

Reporting by Josh White for Sharecast.com.

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