Completion of Subscription/Completion of Disposal

RNS Number : 3012U

Eurasia Mining PLC

14 October 2014

 



Eurasia Mining plc

("Eurasia" or the "Company")

Completion of Subscription

Completion of Disposal

Eurasia Mining plc ("the Company" or "Eurasia") is pleased to announce that it has completed a subscription through the issue of 29,411,764 ordinary shares of 0.1p each in the share capital of the Company to Mispare Limited ("Mispare") ("New Ordinary Shares"). The New Ordinary Shares were issued at a price of 1p per ordinary share ("New Ordinary Shares") to raise £294,117, representing a 89% premium on the current share price. Following the issue of the New Ordinary Shares, Mispare will hold 2.76% of the total issued share capital of the Company. The funds will be used to advance the Company's projects and for general working capital purposes.

Mispare was introduced to Eurasia by existing shareholder Luncroft Holdings Limited ("Luncroft"), and in consideration of Luncroft introducing Mispare to Eurasia and assisting the Company in seeking new investment for the Monchetundra project in Kola, Eurasia has transferred to Luncroft its 20% direct interest in Terskaya Mining Company ("Terskaya"), effective from today. The remaining 80% in Terskaya is held indirectly by Eurasia, through its subsidiary in UAP.

Terskaya holds the Monchetundra exploration licence in the Kola Peninsula in NW Russia, it generates no profits and is currently recorded in Eurasia's Annual Report for the year ended December 2013, as having no value.

Application will be made for the New Ordinary Shares to be admitted to trading on AIM and dealings in these shares are expected to commence on 20 October 2014.

Commenting on the placing, Managing Director Christian Schaffalitzky said: "We are delighted that Luncroft has brought a new investor into the Company while working with us in assisting with the development of our significant PGM project in Kola".

The total number of issued ordinary shares in the Company, including the New Ordinary Shares, will then be 1,066,639,098 Ordinary Shares and consequently the total number of voting rights in the Company is 1,066,639,098. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency Rules.

For more information please contact:

Eurasia Mining
Christian Schaffalitzky / Michael de Villiers	Tel: [phone]
Katy Mitchell, WH Ireland Limited	Tel: [phone]

 

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