Last checked at 20 Nov 2017 15:09
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Eurasia Mining plc (AIM: EUA)
("Eurasia" or the "Company")
Issue of Equity
Eurasia, the London quoted exploration and development company developing a portfolio of precious metal assets in Russia, is pleased to announce a direct equity investment from Venus Garden Holdings Limited (BVI) ('VGH'), wholly owned by Mr Alexei Churakov. Mr Churakov has previously held positions with Goldman Sachs and Morgan Stanley covering the mining sector corporate finance and M&A.
VGH has subscribed £76,336 ($100,000) for 27,262,814 new ordinary shares of 0.1p each ("First New Shares") in the share capital of the Company at a price of 0.28p. VGH has indicated it intends to complete the purchase of a 7% minority stake in Eurasia's subsidiary ZAO Kosvinsky Kamen, which owns the West Kytlim project, however there can be no guarantee that this will occur and further updates will be provided in due course.
At the same time, Beaufort Securities Limited have raised a further £104,800 before expenses at a price of 0.28p over 37,428,550 new ordinary shares (the "Second New Shares"). The funds will be used for working capital purposes.
Accordingly, application will be made for the 64,691,364 First New Shares and Second New Shares to be admitted to trading on AIM and dealings in these shares are expected to commence on or around 22 November 2017. Following the issue of the new shares the total number of issued ordinary shares in the Company will then be 1,627,511,122 ordinary shares and consequently the total number of voting rights in the Company will be 1,627,511,122. 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 the share capital of the Company under the Disclosure and Transparency Rules.
Christian Schaffalitzky said: "We are pleased to shortly welcome Alexei as a shareholder and investor in the Company. The directors believe his planned direct investment in the West Kytlim project will be commensurate with his assistance in developing this asset and we believe it is beneficial for the Company, bearing in mind both his financing background with Goldman Sachs and Morgan Stanley and his mining industry background. Also we believe it is a bonus that Eurasia share dilution can be minimised through the mechanism of a direct investment in Kosvinsky Kamen".
Enquiries:
Eurasia Mining Plc
Christian Schaffalitzky/Michael de Villiers
+44 (0)207 932 0418
WH Ireland Limited
Katy Mitchell, James Sinclair-Ford
+44 (0)161 832 2174
Beaufort Securities
Elliot Hance
+44 (0)207 382 8300