Eurasia Mining PLC Strategic Placing - Issue of Equity (6681W)
18 April 2019 - 10:44PM
UK Regulatory
TIDMEUA
RNS Number : 6681W
Eurasia Mining PLC
18 April 2019
Eurasia Mining plc (AIM: EUA)
("Eurasia" or the "Company")
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.
Highlights:
- 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.
Please see our website, Vimeo channel and Twitter feed for
further non-regulatory updates:
www.eurasiamining.co.uk
https://twitter.com/eurasiamining
https://vimeo.com/user71951711
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.
Enquiries:
Eurasia Mining PLC Tel: +44 (0)207 932 0418
Christian Schaffalitzky / Keith
Byrne
WH Ireland Limited (Nominated Adviser Tel: +44 (0)161 832 2174
& Broker)
Katy Mitchell / James Sinclair-Ford
First Equity Limited (Joint Broker) Tel: +44 (0)20 7374 2212
Jason Robertson
Optiva Securities (Joint Broker)
Christian Dennis Tel: +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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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