14:54 Fri 19 May 2017
Eurasia Mining PLC - Loan Facility and Issue of Equity
("Eurasia" or the "Company")
Up to
Related Party Transaction
Transaction by a PDMR
Eurasia announces that it has entered into new funding facilities for approximately
Highlights:
· All obligations regarding a previous Sanderson loan (see RNS dated
· This comprehensive financing package of more than
· integrated with cashflow from the Company's operating mine at West Kytlim will allow the Company to carry out its 2017 objectives.
Further details:
The loan agreement, entered into with Sanderson on
Eurasia has applied for immediate drawdown of the Sanderson Loan, and accordingly a drawdown fee of 15%, and a 5% legal and documentation fee for a total of
Under the terms of the Sanderson Loan Agreement the loan must be used for working capital purposes and Sanderson has the right (but not the obligation) to convert all or part of the loan into Ordinary Shares of the Company at a price of 0.475p per Ordinary Share.
Loan Agreement arranged by
The Company has also executed a loan agreement with
Eurasia has arranged for immediate drawdown of the whole Riverfort Loan.
Interest applies on the loan at a rate of 14% although with a three-month repayment holiday on both interest and principal. An implementation fee of
The Investors may elect, at their discretion, to convert all or part of the loan repayments (interest and principal) into shares in the Company, at, the lower of a share price of
In addition, the agreement includes the issue of Warrants to YA (and any affiliated party of YA), at 50% cover of the principal amount, and at a 20% premium to the VWAP in the 30 days preceding the agreement. Consequently the Company has today issued 80,749,333 warrants at an exercise price of
Loan Agreement with Dmitry Suschov
The Company today has executed an agreement with Dmitry Suschov for a convertible loan of up to
Under the terms of the Suschov Loan Agreement
In addition, Dmitry Suschov will be issued with a warrant to subscribe, at any time for the next three years, for 10,000,000 Ordinary Shares in the Company at an exercise price of 1p, i.e. 217% of the current market share price.
Following this transaction, and assuming full conversion of the loan and exercise of warrants, Dmitry Suschov would be interested in 391,031,912 Ordinary Shares in the Company, representing 23.71% of the issued share capital.
The directors of the Company consider, having consulted with the
Issue of Equity
Following the execution of the Sanderson Loan Agreement, the Company has today issued and allotted new shares in lieu of the Sanderson drawdown and legal fees. The total number of shares issued amounts to 10,526,316 at a share price of
Accordingly, application has been made for the Sanderson Shares to be admitted to trading on AIM and Admission is expected to become effective on
Total Voting Rights
For the purposes of the
Enquiries:
+44 (0)207 932 0418
+44 (0)161 832 2174
+44 (0)207 382 8300
This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
1 |
Details of the person discharging managerial responsibilities/person closely associated |
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a) |
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Dmitry Suschov |
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2 |
Reason for the notification |
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a) |
Position/status |
Non-Executive Director |
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b) |
Initial notification/ Amendment |
Initial Notification |
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3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
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a) |
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b) |
LEI |
N/A |
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4 |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
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a) |
Description of the financial instrument, type of instrument
Identification code |
Ordinary Shares of
GB0003230421 |
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b) |
Nature of the transaction |
Issue of Convertible Loan with potential to convert into 105,263,157 Ordinary Shares Issue of 10,000,000 Warrants Over Ordinary Shares |
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c) |
Price(s) and volume(s) |
0.475p 105,263,157 |
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d) |
Aggregated information - Aggregated volume - Price |
115,263,157 |
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e) |
Date of the transaction |
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f) |
Place of the transaction |
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This information is provided by RNS
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