Eurasia Mining PLC (LON:EUA) has raised US$10mln via a placing of shares to institutional investors at 22.5p each, with the proceeds to be used to scale up production at the West Kytlim platinum group metals project in Russia.
The company also said it has access to the previously announced US$1mln credit line which is provided by way of a loan agreement between Eurasia and Hamomelia Services Limited, a company owned and controlled by Dmitry Suschov, a director of Eurasia.
Eurasia continues to produce at West Kytlim, with no adverse impact expected from the coronavirus pandemic. Deliveries of concentrate to the refinery are also ongoing and payments are received on schedule and reinvested into West Kytlim.
Work is also continuing on a definitive feasibility study to encompass all resources at the West Kytlim.
Meanwhile, at Monchetundra, the company has utilised its exclusive right to apply for further licences adjacent to its mining rights. Russian Federal law states that a licence application is uncontested in an area within a five-kilometre radius of the approved resource.
Monchetundra contains two identified ore bodies separated by two kilometres. Both ore bodies are known to be open on strike and beyond the current mining concession.