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ECR Minerals PLC Announces Disposal Of Interest In Gold Crest And Its Subsidiary, ACS

Monday, 24 Dec 2012 02:00am EST 

ECR Minerals PLC announced that further to its announcement of November 15, 2012, the Company has agreed to dispose of its entire holding in Gold Crest, conditional upon, inter alia, Shareholder approval. Accordingly, on December 27, 2012 a circular will be dispatched to Shareholders. The Group's core operations are in the mineral sector and consist of exploration assets which do not currently produce any sales revenue or profits. Pursuant to the Sale Agreement, the Company has conditionally agreed with Steve Iliev, an Australian citizen resident in Belgrade, Serbia, for Mr Iliev to acquire ECR's 70% shareholding in Gold Crest, thereby gaining control of ACS, for an aggregate consideration of approximately GBP373,145. When the Company acquired its shareholding in Gold Crest in February 2009, the metal fabrication business in ACS was performing well and the Board believed it would provide some stability and positive cash flow with which to support the Company in rebuilding itself after the collapse in October 2008 of its Meekatharra gold project into administration. Initially ACS provided a contribution to ECR's Group overheads. However, shortly after the investment, the trading performance of ACS began to deteriorate and the business was further burdened as cash flow from its operations was used to fund deferred payments due to its former owners in respect of its acquisition by Gold Crest. 

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