Last checked at 5 Apr 2016 07:00
Eurasia Mining plc
("Eurasia" or the "Company")
Issue of Equity and Directors Shareholdings
Eurasia Mining plc ("Eurasia" or "the Company"), the PGM exploration and development company focused on Russia, announces that it has issued 13,388,100 Ordinary Shares of 0.1 pence at 0.77 pence per share (the "New Shares") in settlement of invoices for various services including accrued directors fees. The issue is at a 10% premium to the current share price that closed at 0.70 pence per share last Friday.
Of the New Shares, 11,465,893 Ordinary Shares are being issued to directors as set out as follows:
Name | Number of New Shares | Total Number of Ordinary Shares held | Percentage of total issued share capital |
Christian Schaffalitzky | 5,580,942 | 38,715,242 | 2.97% |
Gary Fitzgerald | 1,129,870 | 18,039,156 | 1.38% |
Michael Martineau | 2,012,987 | 17,062,172 | 1.31% |
Dmitry Suschov* | 2,742,094 | 284,300,143 | 21.79% |
* Dmitry Suschov is deemed to have an interest in 284,300,143 Ordinary Shares representing 21.79% of the issued share capital of the Company, of which 234,500,000 Ordinary Shares are held by Deloan Investments Limited, a company controlled by Mr Suschov.
Application will be made for the New Shares, which rank pari passu with all existing ordinary shares, to be admitted to trading on AIM ("Admission"). Admission is expected to take place on or around 11 April 2016.
Following the issue of the New Shares the number of Ordinary Shares in issue will increase to 1,304,954,237. For the purposes of the Financial Conduct Authority's Disclosure and Transparency Rules ("DTRs"), the issued ordinary share capital of the Company following this allotment consists of 1,304,954,237 Shares with voting rights attached (one vote per Share). There are no Shares held in treasury. This total voting rights figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interests in, or a change to their interest in, Eurasia under the DTRs.
Christian Schaffalitzky said: "We believe the fact that the directors are converting 100% of their income into shares at a significant premium to the market price demonstrates our confidence in the Company, as we head towards production, we received the production license last year and have obtained all the approvals to start production in 2016".
For more information please contact:
Eurasia Mining:
Christian Schaffalitzky / Michael de Villiers Tel: +44 (0) 207 932 0418
Katy Mitchell, WH Ireland Limited Tel: +44 (0) 161 832 2174