Last checked at 30 Oct 2019 16:45
Eurasia Mining plc
("Eurasia" or "the Company")
Exercise of Warrants
Eurasia Mining PLC, the established producer of palladium, platinum, iridium, rhodium and gold, has received notification from warrant holders to exercise warrants over 18,766,668 shares of 0.1p in the share capital of Eurasia ("the Warrant Shares"). The consideration for the exercise of the Warrant Shares amounts, in aggregate, to a cash value of £112,600. Application has been made for the Warrant Shares to be admitted to trading on AIM, which is expected to be on or around 5 November 2019 ("Admission"). These shares will rank pari passu with the ordinary shares of the Company in issue.
Christian Schaffalitzky, Chairman, commented: "We appreciate the continued interest and support from our shareholder base and the additional funds raised through the exercise of these warrants, which with further cashflow to be received in December from our mining operations, builds on our cash reserves, and strengthens our position in ongoing negotiations regarding our assets as announced in our recent RNS (dated 24 October 2019)".
Total voting rights
The Company's total issued share capital upon Admission will be 2,566,638,864 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 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.