ECR: ECR Minerals plc: THEMAC Resources Update
UK Regulatory Announcement
VANCOUVER, British Columbia
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
US OTC: MTGDY
THEMAC RESOURCES UPDATE
LONDON: 25 FEBRUARY 2013 - ECR Minerals plc wishes to draw attention to the
news release made today by THEMAC Resources Group Ltd (“THEMAC”). The full
text of the release is provided below.
ECR owns approximately 19% of THEMAC’s issued share capital and has a fully
diluted interest in THEMAC of approximately 21%. THEMAC is listed on the TSX
Venture Exchange with the code MAC.
- Beginning of THEMAC release -
THEMAC Resources Appoints Andrew Maloney to The Board of Directors and Interim
Chief Executive Officer
Vancouver, British Columbia – Monday 25^th, February 2013 – THEMAC Resources
Group Limited (TSXV:MAC) (“THEMAC” or the “Company”) today announced that
Andrew Maloney has been appointed as a Director and Interim Chief Executive
Officer, effective the 15^th February , 2013.
Andrew Maloney is Managing Director of Tulla Group, the family investment
office of the Maloney’s. Tulla Group is the major shareholder in THEMAC with
its investment focus on the resources sector. Prior to his Managing Director
role at Tulla Group, Andrew Maloney was an Executive at The MAC Services
Group, Australia’s largest integrated mining accommodation provider. During
his 10 years at The MAC Services Group, he was instrumental in that company’s
growth, its public listing on the ASX in 2007 and then the ultimate sale of
the company in 2010 for $651m to the NYSE listed Oil States International Inc.
While at The MAC Services Group, Andrew Maloney also served as Chairman of the
Andrew Maloney has held numerous roles in the development and construction
industry. He holds a Bachelor’s Degree in Project Management from the
University of Technology in Sydney and has also completed a Master’s Degree in
Business Administration at IE in Madrid, which is currently ranked as Europe’s
top business school.
The new Chief Executive Andrew Maloney said, “I’m looking forward to leading
the business through this period of development. THEMAC has a great team and
we will be working hard to achieve the key project milestones ahead of us and
more importantly generate value for our shareholders. These targets include
completing a Definitive Feasibility Study and permitting to develop the Copper
Flat project, and funding for the project’s construction.”
Andrew Maloney has been reviewing the funding requirements for the Copper Flat
Project and is currently in discussions with financial partners. An amendment
to the existing debt facility provided by Tulla Group has been agreed in
principal, with the facility increasing from C$25m to C$30m to provide working
capital to the Company as it continues with the Definitive Feasibility Study
and permitting requirements for the project. The facility is proposed to be
extended until 31 July 2013, and to be secured by a fixed and floating charge
over the assets of the Company and its subsidiary, New Mexico Copper
Corporation. Kevin Maloney, the Chairman of the Board of THEMAC, is also the
controlling shareholder of the Tulla Group, and together with the Tulla Group
controls 50,806,879 common shares of the Company, representing 68.55% of the
outstanding shares. The Facility is not convertible into shares of the
Company, and the amendment to the facility will not affect Tulla’s or Kevin
Maloney’s shareholdings in the Company. The amendment to the facility has been
reviewed and approved by the independent members of the Board of Directors.
The amendment to the Facility is subject to the approval of the TSX Venture
In connection with the appointment, the Company granted to Andrew Maloney
options to purchase 500,000 common shares of the Company, exercisable at $0.38
per share, pursuant to the Company’s stock option plan.
About THEMAC Resources Group Limited
THEMAC is a copper development company with a strong management team which
acquired the Copper Flat copper-molybdenum-gold-silver project in New Mexico,
USA in May 2011. We are committed to bringing the closed copper mine, Copper
Flat, in Sierra County, New Mexico back into production with innovation and a
sustainable approach to mining development and production, local economic
opportunities and the best reclamation practices for our unique environment.
The Company is listed on the TSX Venture Exchange (ticker: MAC) and has issued
share capital of 74,117,622 common shares (fully diluted share capital
For more information please visit www.themacresourcesgroup.com or review the
Company’s filings on SEDAR (www.sedar.com).
For further information contact:
THEMAC Resources Group Limited
Phone: +44 7539 466703
- End of THEMAC release -
ABOUT ECR MINERALS PLC
ECR is a mineral development company with, among other interests, 100%
ownership of the Sierra de las Minas gold project in La Rioja Province,
Argentina; a 21% fully diluted stake in THEMAC Resources Group Ltd (TSX-V:
MAC), which is focused on the development of the Copper Flat
copper-molybdenum-gold-silver porphyry project in New Mexico, USA; and a stake
in Paniai Gold Ltd (unquoted), which has exposure to the Derewo River alluvial
gold mining and exploration project in Papua, Indonesia.
FOR FURTHER INFORMATION PLEASE CONTACT:
ECR Minerals plc Tel: +44 (0)20 7929
Paul Johnson, Non-Executive Chairman
Stephen Clayson, Director & Chief Executive
Daniel Stewart & Company plc Tel: +44 (0)20 7776
David Hart/Antony Legge
ECR Minerals plc
Press spacebar to pause and continue. Press esc to stop.