Proactive Investors - Run By Investors For Investors

Eurasia Mining announces £500k equity raise to support ramp-up of key projects in Russia

Eurasia Mining has zero debt and expects to be cash positive this year
mining
The placing was significantly oversubscribed

Eurasia Mining PLC (LON:EUA) has announced a £500,000 equity raise to support the ramp-up of its Monchetundra and West Kytlim developments in Russia.

The company said the placing, through broker Optiva Securities, was significantly oversubscribed.

READ: Eurasia Mining shares jump as it signs construction contract with Chinese company for the Monchetundra Project

The equity issue will help advance Monchetundra and West Kytlim, as well as diversify the group’s shareholder base.

Eurasia has zero debt and expects to be cash positive this year.

"We are delighted to work towards diversifying Eurasia's shareholder base to include Optiva's investors,” said chairman Christian Schaffalitzky.

“We believe the trust from such investors confirms that we are on the right track with our scale up of production at West Kytlim in 2018 and going forward.

“This placement will also further support the advancement of the Monchetundra project development, which we plan to do with our EPCF (engineering, procurement, construction and finance) partner Sinosteel MECC, where the land surveys as well as detailed design works are already ongoing.”

View full EUA profile View Profile

Eurasia Mining plc Timeline

Related Articles

1538664421_diamond-drill-350.jpg
October 04 2018
Last month, Jaxon said it had identified Backbone as a gold-bearing tourmaline breccia zone with a 1,000-metre long strike
1543505683_Jubilee---workers-at-Hernic.jpg
November 30 2018
Jubilee Metals will be adding significant extra production capacity in the short to medium term
1549357069_shutterstock_550648666.jpg
April 29 2019
Eurasia has huge upside at the US$2bn Monchetundra project and is supported by cash flow from West Kytlim

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use