Rns Out20 May 2021 08:04
Eurasia Mining (LSE:EUA)
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Thursday 20 May 2021
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TIDMEUA
RNS Number : 2163Z
Eurasia Mining PLC
20 May 2021
NOT FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO U.S. NEWSWIRE SERVICES OR IN THE UNITED STATES OR IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN REGULATION NO. 596/2014 (AS IT FORMS PART OF RETAINED EU LAW AS DEFINED IN THE EUROPEAN UNION (WITHDRAWAL) ACT 2018) AND IS IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 7 OF THAT REGULATION.
EURASIA MINING PLC
("Eurasia" or "the Company")
Private Placement of US$20m for Rosgeo JV
20 May 2021
Eurasia Mining Plc ("Eurasia" or the "Company"), the palladium, platinum, rhodium, iridium and gold producing company, is pleased to announce that it has entered into a securities purchase agreement for a private placement of 53,306,751 new ordinary shares of the Company (the "Placing Shares") and warrants (the "Warrants") to purchase up to 53,306,751 ordinary shares (the "Warrant Shares") to a single institutional investor at the market price of 26.5p per ordinary share and associated Warrant, for gross proceeds of GBP14,126,289, or approximately US$20m (not including any gross proceeds from the exercise of the Warrants), before deducting placement agent's fees and offering expenses.
The Warrants have an exercise price of 26.5p per ordinary share and may be exercised at any time upon issuance and prior to the 3-year anniversary of the issuance date.
H.C. Wainwright & Co. is acting as the exclusive placement agent in the United States for this private placement.
The net proceeds of the placing are intended to be used primarily to finance the joint venture with Rosgeo ("Rosgeo JV"), as announced via RNS dated 26 March 2021. The Directors have decided to limit the financing to GBP14,126,289 to keep shareholder dilution to a minimum and to focus primarily on advancing certain Rosgeo JV projects to production via EPC and financing contracts with minimum equity injections.
The total number of ordinary shares to be issued pursuant to the private placement, and assuming exercise of all of the Warrants, is 106,613,502 new ordinary shares, which would represent approximately 3.72 per cent of the Company's enlarged fully diluted share capital of 2,865,315,183 ordinary shares.
Application for Admission & Total Voting Rights
The Placing Shares and Warrant Shares will rank pari passu in all respects with the existing ordinary shares of 0.1p each in the capital of the Company. Application will be made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM ('Admission'). It is expected that Admission and settlement of the private placement will occur on or abou