Last checked at 3 Nov 2010 10:38
Eurasia Mining plc
("Eurasia" or the "Company")
Completion of Placing
The Company is pleased to announce that it has raised £1,325,750 by way of a placing of 132,750,000 new ordinary shares of 0.1p each ("Placing Shares") at 1p per share with an additional warrant for every two placing shares subscribed for ("Warrant"), through WH Ireland Limited and WHI Stockbrokers Limited (the "Placing").
Application will be made for the Placing Shares to be admitted to AIM and dealings in the Placing Shares are expected to commence on 9 November 2010.
It is agreed that the Warrant will be exercisable at any time from the date of issue, for a period of 12 months; at a price of 1p per ordinary share.
The total number of issued ordinary shares in the Company, including the issue of Placing Shares, but excluding the issue of the Warrants, will be 582,046,666 Ordinary Shares.
The proceeds of the Placing will be used to fund the development of the Company.
Commenting on the placing, MD Christian Schaffalitzky said: "We are very pleased to receive this strong support from investors. Now that our licence is extended at West Kytlim, we look forward to adding to the mining potential of the area. Together with further work on our other projects, we aim to build on the hard work our team has put in over recent years on behalf of shareholders."
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