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LONDON (Alliance News) - Eurasia Mining PLC on Thursday said it has raised GBP500,000 to ramp up its Monchetundra and West Kytlim developments in Russia and to diversify its shareholder base.
The metals producing company issued 90.9 million shares at a price of 0.55 pence each. The company highlighted that although the placing was significantly oversubscribed, the directors have limited its volume to GBP500,000.
Eurasia Mining shares were trading 4.7% higher on Thursday afternoon at 0.65p each, giving it a market capitalisation of GBP14.7 million.
The company said it has no debt and should be cash positive this year and going forward as the West Kytlim project continues to scale up.
"We believe the trust from such investors confirms that we are on the right track with our scale up of production at West Kytlim in 2018 and going forward," said Chair Christian Schaffalitzky.