Eurasia Mining Regulatory News (EUA)

14 Jul 2009 15:15



Eurasia Mining plc

("Eurasia" or the "Company")

Issue of Equity

Eurasia confirms that further to the announcements dated 10 June 2009 and 29 June 2009 it has today issued 154,183,761 ordinary shares of 0.1p each in the Company ("New Shares").

The New Shares represent 54,183,761 Ordinary Shares issued to the Series A Loan Note Holders (which included certain directors) pursuant to the conversion of the Series A Loan Notes (as defined below) and 100,000,000 Ordinary Shares issued to Deloan Investments Limited pursuant to the conversion of the Deloan Loan Notes (also defined below).

Application has been made for the New Shares to be admitted to trading on AIM and it is anticipated that dealings in the New Shares will commence on or around 20 July 2009. Following the issue of New Shares the total number of shares in issue in the Company is 297,560,964 ordinary shares.

The total number of shares held by directors of the Company, following the issue of New Shares are as follows:

* of which 6,054,659 are held by Michael Martineau's wife.

** of which all 100,000,000 New Shares are held in the name of Deloan Investments Limited, a company owned and controlled by Dmitry Suschov.

Series A Loan Notes

On 31 March 2006 (and, as amended on 19 March 2008) the Company issued £700,000 of convertible Series A Loan Notes to the Series A Loan note holders which included, amongst others, Gary Fitzgerald and Christian Schaffalitzky (being Directors of the Company) and Mrs J Martineau (the wife of Michael Martineau, a director of the Company) (the "Series A Loan Notes") (the "Series A Loan Note Holders") of which £470,000 was still outstanding. In addition, the Company had issued 9,400,000 Series A Warrants to subscribe for ordinary shares of 5p each in the Company to the Series A Loan Note Holders. Following the General Meeting of the Company on 29 June 2009 it was agreed that the terms of the Series A Loan Notes, the related interest and the Series A Warrants be varied so that all of the ordinary shares issued on conversion of the Series A Loan Notes and exercise of the Series A Warrants were new Ordinary Shares of 0.1p each. 

The Company has received notices of conversion all the Series A Loan Note Holders to convert their entire holdings, as well as the accrued interest, into New Ordinary Shares.

The total amount of Series A Loan Notes and accrued interest to be converted is £541,837.61.

Deloan Loan Notes

As announced on 28 May 2008, pursuant to a subscription agreement, Deloan agreed to subscribe for 4 convertible loan notes, each of a nominal value of £250,000, on 30 May 2008, 29 August 2008, 28 November 2008 and 27 February 2009 (each a "Deloan Loan Note"). Pursuant to that subscription agreement, each Deloan Loan Note was convertible into 5,000,000 ordinary shares of 5 pence each in the capital of the Company at a price of 5p per ordinary share. Following the approval of shareholders at the General Meeting of the Company on 29 June 2009 it was agreed that each Deloan Loan Note would be varied so as to convert into 25,000,000 new ordinary shares of 0.1p instead of 5,000,000 original ordinary shares of 5p each.  

Deloan has now given notice to convert all the Deloan Loan Notes into New Shares.

Following the conversion of both the convertible Series A Loan Notes and the Deloan Loan Note the Company has no other loans outstanding and is therefore debt free. 

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