Completion of Placing

RNS Number : 9224K

Eurasia Mining PLC

22 April 2015

 



Eurasia Mining Plc

("Eurasia" or the "Company")

Completion of Placing

Eurasia Mining, the platinum explorer and resource development company operating in Russia, announces the completion of a strategic placing raising £515,700.

The placing of 93,763,636 shares was undertaken at a price of 0.55p per share and raised gross proceeds of £515,700.

Following the issue of the New Shares the number of Ordinary Shares in issue will increase to 1,226,974,420. For the purposes of the Financial Conduct Authority's Disclosure and Transparency Rules ("DTRs"), the issued ordinary share capital of the Company following this allotment consists of 1,226,974,420 Shares with voting rights attached (one vote per Share). There are no Shares held in treasury. This total voting rights figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interests in, or a change to their interest in, Eurasia under the DTRs.

The amount raised in this placing will be used to support underlying working capital requirements but specifically to allow the advancement of a number of Company initiatives which require a degree of working capital to enable progress to be made.  These initiatives include:

·     continued liaison with the licensing authorities to secure receipt of the West Kytlim Mining Licence which will enable the Company to commence first platinum production and revenue generation in the near term;

·     preparation of the development plan which is submitted to Rosnedra following granting of the mining licence. This includes, inter alia, the scheduling of the different mining blocks and the upgrading of resources to reserves.

·     detailed engagement with third parties in respect of the Company's Monchetundra Platinum Group Metals licence where the Company is considering the potential disposal of part or all of its project interest;

·     consideration of new project opportunities, where ongoing due diligence require the commitment of resources by the Company to assess and negotiate commercially beneficial additions to the existing Eurasia Mining operations.

Christian Schaffalitzky, CEO of Eurasia Mining said "This fundraise was extremely important for the Company as the additional financial strength it affords enables us to proactively pursue a number of initiatives in respect of existing assets and potential acquisitions.

I acknowledge that the placing, being at a discount to our market price, will be frustrating to existing holders.  As a shareholder myself I can align myself with other shareholders in this regard. However, recognising the various forward plans of the business and the initiatives underway, the Board and I felt this was the right decision. 

As a Company Eurasia is now well funded for 2015 activities, and it is our primary objective to demonstrate, as far as possible, that this fundraise enables us to deliver real progress for shareholders in the near term."

ENDS

Enquiries:

Eurasia Mining Plc

Christian Schaffalitzky/Michael de Villiers

[phone]

WH Ireland

Katy Mitchell

[phone]

Beaufort Securities

Elliot Hance

[phone]

Loeb Aron

John Beresford-Peirse

[phone]

 

END

 

 

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