www.eurasiamining.co.uk
Eurasia's stated objective is to explore for the platinum group of metals (PGMs) and gold through self-funded own exploration targets and joint venture partnerships with strategic operators and local partners. Operations are funded from the company's own equity funds and funded joint venture agreements. Projects are subject to an initial evaluation for viability and once this is established further exploration work is carried out to establish feasibility study level. It is then the company's intention to either proceed with developing the project to production or partnering the project with a suitable operator.
Eurasia Mining raises £468,500 with share placing
Eurasia Mining (LON:EUA) today announced that it has raised £468,500 through an equity placing.
The proceeds will help the small cap mine developer continue its exploration activities over the next few months.
Through the placing 46.85 million shares are being issued priced at 1 pence each. Each investor is receiving one warrant for every new share that is subscribed for.
Stockbroking firm WH Ireland is facilitating the placing and the new shares are expected to join the AIM market on October 3.
Chief executive Christian Schaffalitzky and non executive director Dmitry Suchov both participated in the placing, subscribing for 5 million and 9.5 million respectively.
Schaffalitzky now holds 20.9 million shares in the company, which equates to a 3.1 per cent stake. Meanwhile Suchov, who is already the company’s largest shareholder, now owns 234.5 million shares or 34.75 per cent.
Of the 9.5 million shares Suchov subscribed for 4.5 million were in lieu of salary.
Eurasia is focused on the development of alluvial platinum mining operations in Russia. It is currently awaiting the conclusion of the permitting process so that it can ontain a production licencefor its first project, but in the meantime it is also exploring the surrounding area.
As a result it recently booked Russian classified reserves for two additional areas within its exploration licence and it has subsequently applied to the authorities for a discovery certificate. After that it will have the opportunity to apply for additional production licences for those two areas.
