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Eurasia Mining arranges £1mln loan facility

The facility includes £500,000 drawn down under the previous loan arrangement between the two.
picture of platinum
Alluvial platinum production will start next year

Russia-focused junior miner Eurasia Mining plc (LON:EUA) has entered into a new £1mln funding facility with a syndicate led by Sanderson Capital.

The facility includes £500,000 drawn down under the previous loan arrangement between the two.

The loan will provide sufficient working capital for the immediate future, with cashflow generation from West Kytlim due to begin in April when production commences said Christian Schaffalitzky, Eurasia’s managing director.

It would maintain liquidity in the business without diluting shareholders, he added. 

Loan drawdowns trigger a 15% fee with a further 15% fee if or when the original £500,000 facility is rolled over into the new one.

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