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, £118,501.
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 £75,600. 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)
Tel: +44 (0)20 7374 2212
Optiva Securities (Joint Broker)
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:
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.