Last checked at 12 Feb 2016 08:00
Eurasia Mining plc (AIM: EUA)
("Eurasia" or the "Company")
Loan Agreement
Eurasia confirms today that it has executed a Loan Agreement with Sanderson Capital Partners Limited (the "Agreement"). Pursuant to the terms of the Agreement, Sanderson has agreed to make available £250,000 which can be drawn down any time until 14 February 2016 and must be used by Eurasia for working capital purposes. The loan must be repaid on or before 11 May 2016.
It is the Company's intention that the full amount will be drawn down immediately.
No interest accrues on the loan, but the loan is subject to a £62,500 arrangement fee, which is to be satisfied by the issue of 11,363,637 ordinary shares in the Company at a price of 0.55p ("New Shares") and a documentation and legal fee of £7,500. It is anticipated that the Company will issue the New Shares, and make application to admit them to trading on AIM shortly, and a further announcement will be made at that time.
Christian Schaffalitzky, Managing Director said: "We are pleased to have arranged this interim financing with Sanderson. The Company is very busy looking at financing options with mining planned to commence at West Kytlim this summer. We believe this facility gives us time to choose the best option."
Enquiries:
Eurasia Mining Plc
Christian Schaffalitzky/Michael de Villiers
+44 (0)207 932 0418
WH Ireland Limited
Katy Mitchell/Nick Prowting
+44 (0)161 832 2174
Beaufort Securities
Elliot Hance
+44 (0)207 382 8300
Loeb AronJohn Beresford-Peirse+44 (0)207 628 1128