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Eurasia Mining PLC (EUA)

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Wednesday 12 February, 2020

Eurasia Mining PLC

Exercise of Warrants and Options

RNS Number : 7935C
Eurasia Mining PLC
12 February 2020
 

Eurasia Mining plc

("Eurasia" or "the Company")

Exercise of warrants and options

 

Eurasia Mining, the palladium, platinum, rhodium, iridium and gold producing company, operating the established West Kytlim Mine in the Urals, and also the operator of the Monchetundra Project comprising two predominately palladium open pit deposits near the town of Monchegorsk on the Kola Peninsula, is pleased to announce receipt of notification from both Sanderson Capital Partners ('Sanderson') and Optiva Securities ('Optiva'),  to exercise 22,017,871 warrants (ordinary shares of 0.1 pence) in the share capital of the Company ("the Warrant Shares"). The consideration for the exercise of the Warrant Shares amounts, in aggregate, to a cash value of £225,001. The warrants represent the total amount of warrants held by Sanderson (20,000,000 warrants at 1.0p) and Optiva (2,017,871 warrants at 1.24p).

In addition, the Company announces it has received a notice to exercise 9,000,000 options (ordinary shares of 0.1 pence) in the share capital of the Company, being 8,000,000 options at an exercise price of 0.90 pence per share, and 1,000,000 options at an exercise price of 0.42 pence per share, (in aggregate, the "Option Shares"). The consideration for the exercise of the Option Shares amounts to a cash value of £76,200. These options were exercised by employees of the Company, not holding positions as directors of the Company or as senior management or as advisors to the board.

As mentioned in RNS on 11 Feb 2020, trading in the Company's shares is currently suspended. Application will be made for the Warrant Shares and Option Shares to be admitted to trading on AIM('Admission') as and when trading in the Company's shares resumes.  These shares will rank pari passu with the ordinary shares of the Company in issue.

Total voting rights

The Company's total issued share capital upon Admission will be 2,724,774,624 ordinary shares. As the Company does not hold any shares in Treasury, 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.

 

Eurasia Mining Plc

Christian Schaffalitzky/ Keith Byrne

+44 (0)207 932 0418 

WH Ireland Limited (Nomad and Joint Broker)

Katy Mitchell / James Sinclair-Ford

+44 (0)161 832 2174 

First Equity Limited (Joint Broker)

Jason Robertson

Tel: +44 (0)20 7374 2212 

Optiva Securities (Joint Broker)

Christian Dennis

Tel: +44 (0) 20 3137 1902

 

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014

 

Shareholders are reminded that the Company does have the following media channels including:

https://vimeo.com/user71951711

https://twitter.com/eurasiamining

https://www.proactiveinvestors.com/LON:EUA/Eurasia-Mining-PLC/

https://www.voxmarkets.co.uk/listings/LON/EUA/

 

About Eurasia Mining PLC (LSE: EUA)

Eurasia Mining is a long-established palladium, platinum, iridium, rhodium and gold focused production company quoted on the London Stock Exchange AIM market, with an operating PGM mine in the Ural Mountains palladium open pit deposit at Monchetundra.  In addition, Eurasia maintain an interest in the Semenovsky Gold in Mine Tailings Project, an asset demonstrating potentially low-cost new-term gold production potential.

Eurasia's two core projects are:

The West Kytlim operating mine (of which the Company owns 68%), which is the largest alluvial platinum reserve in the world currently, with 2,283 kilograms of raw platinum in reserves and additional resource potential exceeding 10 tonnes of raw platinum. A single washplant has operated on site during 2018 and 2019, with further increases in production planned from multiple washplants. The mine was previously contracted to generate cashflow from which to finance further capitalisation of the asset. All contractors were retired from the operation in September 2019 and since then Eurasia has been operating on an owner operated (100% of revenue) basis.

The Monchetundra Project (of which the Company owns 80%), has in place (signed October 2016) an EPCF (Engineering Procurement Construction and Financing) contract with Sinosteel, a state-owned Chinese corporation focused on mining. This agreement fully finances the Project through building of the 1.7m tonnes per annum processing facility at the Monchetundra Project. This financing contract can be drawn down at the option of the Company, and to date the Company has not activated this option.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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