Client News

Eurasia Mining Plc (“Eurasia” or the “Company”), the palladium, platinum, rhodium, iridium and gold producing company, is pleased to announce that a proposal has been received for the acquisition of certain assets of the Company, the conclusion of the strategic review and Formal Sale Process (“FSP”) and an update on its operations.

As announced via RNS on 14 January 2021, Eurasia and its advisers have engaged with a wide range of parties interested in acquiring either the assets and/or the Company. The Company has more recently focused its attention, including providing due diligence access, on a limited number of potential bidders who had shown consistent interest in Eurasia and its high-quality asset base.

However, after conclusion of the joint venture with Rosgeo (“Rosgeo JV”) in which Eurasia will gain a 75% equity stake in nine PGM and battery metals assets (four of which are post Russian Feasibility Study with state approved reserves) with a total of 104.6Moz of Platinum equivalent (“Pt eq”) Russian Code reserves and resources in the immediate vicinity of the Company’s Monchetundra Project on Kola (as announced on 26 March 2021), the Company has now received several proposals including a proposal from a credible party for the potential acquisition of substantially all of Company’s assets. The Board has decided to focus on this potential asset sale.

The Board has therefore also decided that it is time for the Company to exit from the Formal Sale Process, which has been prolonged due in part to COVID-19 lockdowns-related delays in conducting site visits (as announced on 14 January 2021).

Until a transaction is finally concluded there can be no certainty that a transaction will occur or on what terms.

Following this announcement, the Company is no longer considered to be in an offer period, as defined in as defined in the Code, and the requirement to make disclosures under Rule 8 of the Takeover Code has now ceased.

 https://www.londonstockexchange.com/news-article/EUA/potential-asset-sale-fsp-other-updates/14974686