viewEurasia Mining PLC

Eurasia Mining debt-free as it converts remaining loan to shares

Eurasia said it is now debt-free and financially stronger following the final debt to equity switch

The new shares were placed with Optiva's clients

Eurasia Mining PLC (LON:EUA) told investors that it has made the final settlement of its remaining loan facility, by issuing new equity.

It has concurrently appointed Optiva Securities as its new joint broker and has placed newly issued shares to the broker’s clients.

READ: Eurasia Mining on track as it advances West Kytlim and Monchetundra

In a statement the company said it had received a conversion notice from the YA II PN Ltd fund, the lender via the loan facility, requesting the conversion of US$522,097.17, which was to be paid with 117.9mln new shares priced at 0.34p each.

The company was also notified that YA agreed to place the new shares through Optiva.

"This transaction completes the agreement with and the company's obligations to YA, who do not hold any further warrants or options,” said Christian Schaffalitzky,

“The company is now debt free and having foregone repayment is in a stronger position financially.”

Schaffalitzky added: “Eurasia is pleased to start working with Optiva in realising the Company's long-term growth potential and business goals.

“Optiva's estimation of the Company's growth potential is well demonstrated with this transaction.

“We look forward to updating the market on our progress at the operational level, including ongoing production at our West Kytlim platinum and gold mine very shortly."

Quick facts: Eurasia Mining PLC


Price: 22.68 GBX

Market Cap: £637.76 m

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