TIDMEUA
RNS Number : 1358V
Eurasia Mining PLC
29 November 2019
Eurasia Mining plc
("Eurasia" or "the Company")
Exercise of Warrants and Options
Eurasia has received notice to exercise warrants over 15,583,333
ordinary shares of 0.1 pence in the Company at an exercise price of
0.6 pence, and a further notice regarding warrants over 3,026,806
ordinary shares at an exercise price of 0.826 pence (together, the
'Warrant Shares"). All funds for the exercise of the Warrant Shares
has been received and amount to a cash value of, in aggregate,
GBP118,501.
15,583,333 warrants of the above amount are being executed by
clients of the Company's broker First Equity and are the last
remaining warrants issued in conjunction with shares placed with
clients of First Equity in May 2018.
In addition, the Company announces it has received notices to
exercise options over 3,000,000 ordinary shares of 0.1 pence in the
Company at an exercise price of 0.42 pence per share, 3,000,000
options at an exercise price of 0.6 and 5,000,000 at an exercise
price of 0.9 pence per share (the "Option Shares"). The
consideration for the exercise of the Option Shares amounts, in
aggregate, to a cash value of GBP75,600. These options were
exercised by long standing employees of the Company, not holding
positions as directors of the Company or as top management or
advisors to the board.
Application will be made for the Warrant Shares and Option
Shares to be admitted to trading on AIM, and dealings are expected
to commence on or around 04 December 2019 ("Admission"). These
shares will rank pari passu with the ordinary shares of the Company
in issue.
Christian Schaffalitzky, the Chairman commented: "As previously
announced, Eurasia is in a strong cash position as our operational
teams prepare for the next season of mining at West Kytlim and
advance Monchetundra towards production. None of the recently
executed warrants or options were executed by directors. The First
Equity warrant overhang is now fully removed. The directors also
continue to make progress in ongoing talks in the current price
environment for palladium and rhodium".
Total voting rights
The Company's total issued share capital upon Admission of the
Warrant shares and Option Shares will be 2,693,756,753 ordinary
shares. As the Company does not hold any shares in Treasury, 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, or a change to their
interest in, the share capital of the Company under the Disclosure
and Transparency rules.
Eurasia Mining Plc
Christian Schaffalitzky/ Keith Byrne
+44 (0)207 932 0418
WH Ireland Limited (Nomad and Joint Broker)
Katy Mitchell / James Sinclair-Ford
+44 (0)161 832 2174
First Equity Limited (Joint Broker)
Jason Robertson
Tel: +44 (0)20 7374 2212
Optiva Securities (Joint Broker)
Christian Dennis
Tel: +44 (0) 20 3137 1902
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulation (EU) No. 596/2014
Shareholders are encouraged to follow the non-regulatory
progress at the Company's mine and Monchetundra Project through the
Company's media channels including:
https://vimeo.com/user71951711
https://twitter.com/eurasiamining
https://www.proactiveinvestors.com/LON:EUA/Eurasia-Mining-PLC/
https://www.voxmarkets.co.uk/listings/LON/EUA/
About Eurasia Mining PLC (LSE: EUA)
Eurasia Mining is a long-established palladium, platinum,
iridium, rhodium and gold focused production company quoted on the
London Stock Exchange AIM market, with an operating PGM mine in the
Ural Mountains palladium open pit deposit at Monchetundra. In
addition, Eurasia maintain an interest in the Semonovsky Gold in
Mine Tailings Project, an asset demonstrating potentially low-cost
new-term gold production potential.
Eurasia's two core projects are:
The West Kytlim operating mine (of which the Company owns 68%),
which is the largest alluvial platinum reserve in the world
currently, with 2,283 kilograms of raw platinum in reserves, and
resources and resource potential to a further 10 tonnes of raw
platinum. A single washplant has operated on site during 2018 and
2019, with further increases in production planned from multiple
washplants. The mine was previously contracted to generate cashflow
from which to finance further capitalisation of the asset. All
contractors were retired from the operation in September 2019 and
since then Eurasia has been operating on an owner operated (100% of
revenue) basis.
The Monchetundra Project (of which the Company owns 80%), has in
place (signed October 2016) an EPCF (Engineering Procurement
Construction and Financing) contract with Sinosteel, a state-owned
Chinese corporation focused on mining. This agreement fully
finances the Project through building of the 1.7m tonnes per annum
processing facility at the Monchetundra Project. This financing
contract can be drawn down at the option of the Company, and to
date the Company has not activated this option.
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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November 29, 2019 04:03 ET (09:03 GMT)
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