Client NewsEurasia Mining plc - Strategic Placing - Issue of Equity
Eurasia Mining PLC, the palladium, platinum, rhodium, iridium and gold producing company, is pleased to announce a significantly oversubscribed placing through its broker, Optiva Securities. With the Company’s producing West Kytlim Mine, further scaling up production volumes, and zero debt, Eurasia should be cash positive this year. However, the Company has undertaken this placing to ramp up its larger flagship Monchetundra project development which, once put into operation, the directors believe will bring Eurasia into a different league of PGM producers. The placement should also support faster scaling up of production at West Kytlim and will further diversify Eurasia’s shareholder base to include Optiva’s investors.
- Eurasia has completed a GBP 500,000 placing with new investors to diversify Eurasia’s shareholder base to include Optiva’s investors.
- Although the placing was significantly oversubscribed, the Directors have limited its volume to GBP 500,000 to fit its purpose of ramping up its Monchetundra and West Kytlim developments, along with shareholder base diversification.
- Eurasia has zero debt and should be cash positive this year and going forward as at the West Kytlim project has scaled up by 16.5 times in 2018* and continues to scale up.
Christian Schaffalitzky, Chairman at Eurasia, commented: “We are delighted to work towards diversifying Eurasia’s shareholder base to include Optiva’s investors. We believe the trust from such investors confirms that we are on the right track with our scale up of production at West Kytlim in 2018 and going forward. This placement will also further support the advancement of the Monchetundra Project development, which we plan to do with our EPCF partner Sinosteel MECC, where the land surveys as well as detailed design works are already ongoing”.
Issue of Equity
Accordingly, the Company has today issued 90,909,091 Ordinary Shares (‘the New Shares’) of 0.1p to clients of Optiva Securities at a placing price of 0.55p per ordinary share. An application will be made for the new Shares to be admitted to trading on AIM and dealings in these shares are expected to commence on 30 April 2019.
Following the issue of the New Shares the total number of issued ordinary shares in the Company will then be 2,462,478,521 ordinary shares and consequently the total number of voting rights in the Company will be 2,462,478,521. 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.
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This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company’s obligations under Article 17 of those Regulations.
Eurasia Mining PLC
Christian Schaffalitzky / Keith Byrne
Tel: +44 (0)207 932 0418
WH Ireland Limited (Nominated Adviser & Broker)
Katy Mitchell / James Sinclair-Ford
Tel: +44 (0)161 832 2174
First Equity Limited (Joint Broker)
Tel: +44 (0)20 7374 2212
Optiva Securities (Joint Broker)
el: +44 (0) 20 3137 1902
*10kg of raw platinum was produced in 2017 and 165kg of raw platinum was produced in 2018 see announcements dated 29 June 2019 and 17 December 2018
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