Sale of surplus ECR Minerals land now unconditional

(Sharecast News) - ECR Minerals confirmed on Friday that the sale of its surplus land at Brewing Lane in Victoria, Australia, for AUD 225,000 (£113,690) was now unconditional. The AIM-traded firm said the transaction, which was contingent on the purchaser securing suitable financing, was expected to settle on or around 14 March.

It said it planned to use the proceeds to accelerate near-term exploration and operational activities, with a particular focus on its Queensland projects at Blue Mountain and Lolworth.

The sale was arranged directly with the purchaser, meaning no agency commissions would be payable.

"The sale of our surplus land at Brewing Lane is part of our strategy to realise value from unused assets within ECR," said chairman Nick Tulloch.

"The sale proceeds will be applied to our exploration and operational activities which in the near-term will focus on our Queensland projects at Blue Mountain and Lolworth."

Tulloch said the company was also continuing to progress the proposed sale of its subsidiary Mercator Gold Australia and the AUD 75m of tax losses held by that company.

"As set out in more detail in the announcement of 13 February, we remain in discussions with Octo Holdings in this regard but with several other parties having registered their interest."

At 1257 GMT, shares in ECR Minerals were down 0.36% at 0.28p.

Reporting by Josh White for Sharecast.com.