Last checked at 11 Nov 2019 14:28
Eurasia Mining plc
("Eurasia" or "the Company")
New Appointment
Alexander Sushchev appointed as strategic advisor to the board
Strategic Advisor appointment:
Eurasia is pleased to announce the appointment of Alexander Vasilievich Sushchev (PhD in metallurgy) as strategic adviser to the Board. Alexander is a former Chief Executive Officer of SMCM (molybdenum and rhenium metals producer, that he helped sell to a company affiliated with Rusal) as well as former manager of Norilsk Nickel, the world's largest palladium producer. Alexander will be working closely with the Directors of Eurasia, Mr Alexei Churakov as well as with the banks as the Company is working on a potential disposal of the Company's assets as announced on 24 October 2019. There can, however, be no guarantee that any transaction will occur.
Alexander will not receive a salary for his role. However, it is noted that Alexander will receive 10% share in Deloan Investments Limited ("Deloan"), a Company owned and controlled by Dmitry Suschov (Director of the Company), which holds a 10.42% interest in the Company. This will help avoid the dilution of the shareholders and will allow the right success oriented motivation of Alexander.
Following this transfer, holdings in Deloan reflect the following:
Dmitry Suschov holds 64.528% of Deloan and accordingly has 6.72% indirect interest in Eurasia through Deloan and with his additional direct holding of 190,270,430 ordinary shares has a 13.92% interest in Eurasia;
Alexei Churakov holds 25.472% of Deloan and accordingly has 2.65% indirect interest in Eurasia through Deloan and with his additional holding of 39,682,774 ordinary shares has a 4.16% interest in Eurasia; and
Alexander Vasilievich Sushchev holds 10% of Deloan and accordingly has an interest of 1.04% indirectly in Eurasia.
Alexander received his PhD degree in metallurgy from Moscow State University of Fine Chemical Technologies named after Lomonosov.
Other:
Queeld Ventures still hold 307,250,000 shares which, following various warrant exercises now represent 11.63% of the issued shares in the Company.
Following the announcement made on 8 November 2019, application has been made for the Warrant Shares to be admitted to trading on AIM, an dealings are expected to commence on or around 14 November 2019 ("Admission"). These shares will rank pari passu with the ordinary shares of the Company in issue.
The Company's total issued share capital upon Admission of the Warrant Shares will be 2,642,813,280 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.
Christian Schaffalitzky, Chairman added: "I am delighted to formalise our relationship with Alexander, whom I have known for many years. We have been fortunate to have his advice for over 10 years and he has made the tasks of licencing our projects much easier. His contacts and experience working at the top level of the PGM and base metals businesses are important in our ongoing discussions, as we explore strategic opportunities for our assets"
The information set out below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Dmitry Suschov | ||||
2 | Reason for the notification | |||||
a) | Position/status | PDMR - Non-Executive Director | ||||
b) | Initial notification/ Amendment | Initial Notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Eurasia Mining plc | ||||
b) | LEI | 2138 00VW NISV 35PT I539 | ||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument
Identification code | Shares
GB0003230421 | ||||
b) | Nature of the transaction | Indirect transfer of shares (through shareholding of parent company - Deloan) in lieu of remuneration. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
See above 4 c See above 4 c | ||||
e) | Date of the transaction | Friday 8 November 2019 | ||||
f) | Place of the transaction | N/A | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Alexei Churakov | ||||
2 | Reason for the notification | |||||
a) | Position/status | PCA - Strategic Adviser to the board | ||||
b) | Initial notification/ Amendment | Initial Notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Eurasia Mining plc | ||||
b) | LEI | 2138 00VW NISV 35PT I539 | ||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument
Identification code | Shares
GB0003230421 | ||||
b) | Nature of the transaction | Indirect transfer of shares (through shareholding of parent company - Deloan) in lieu of remuneration. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
See above 4c See above 4c | ||||
e) | Date of the transaction | Friday 8 November 2019 | ||||
f) | Place of the transaction | N/A | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Alexander Vasilievich Sushchev | ||||
2 | Reason for the notification | |||||
a) | Position/status | PCA - Strategic Adviser to the board | ||||
b) | Initial notification/ Amendment | Initial Notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Eurasia Mining plc | ||||
b) | LEI | 2138 00VW NISV 35PT I539 | ||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument
Identification code | Shares
GB0003230421 | ||||
b) | Nature of the transaction | Indirect transfer of shares (through shareholding of parent company - Deloan) in lieu of remuneration. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
See above 4c See above 4c | ||||
e) | Date of the transaction | Friday 8 November 2019 | ||||
f) | Place of the transaction | N/A | ||||
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 encouraged to follow the non-regulatory progress at the Company's mine and Monchetundra Project through the Company's media channels including:
https://vimeo.com/user71951711
https://twitter.com/eurasiamining
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 Semonovsky 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 resources and resource potential to a further 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.