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Eurasia Mining investigates sale of 27,400,000 shares by Alexei Churakov

The company said Churakov has now notified it that he sold the shares to cover an urgent and critical cash call

Eurasia Mining PLC -

Eurasia Mining PLC (LON:EUA) said it noted the adverse movement in the company's share price on Wednesday following the announcement of the trade for 27,400,000 shares by Alexei Churakov

The company said it had received no notification of this trade prior to it being reported by Churakov himself via RNS on January 27, 2021.

Eurasia said it has made initial enquiries Churakov regarding the sale of the shares, and he has now notified the company that he sold the shares to cover an urgent and critical cash call; that all the shares were acquired by Veles International, a subsidiary of an investment company Veles Capital; and that he has no intention to sell his remaining shares and/or options.

READ: Eurasia Mining confirms it has received non-binding offers in respect a possible acquisition of the company

Eurasia noted that the acquisition by Veles shows interest in Eurasia among institutional shareholders. Veles is a well-established and one of the oldest professional institutional investors in Russia.

The company said it is continuing with its enquiries.

Eurasia added that the group and its professional advisers continue to work on the formal sale process as recently reported on January 14, 2021, with the operations of the company ongoing and the DFS (Definitive Feasibility Study) for West Kytlim formally approved, as announced on January 21, 2021.

On January 14, the palladium, platinum, rhodium, iridium and gold producing company had said it and its advisers have engaged with a wide range of parties, and have to date received non-binding offers in respect of both a possible acquisition of the company as well as other transaction structures.

The group added then that progress to date has been slower than expected reflecting the complexity of the process, involving several parties and structures, as well as external factors including coronavirus (COVID-19) related travel restrictions, and more recently delays resulting from western and Russian holiday periods.

Notwithstanding these factors, discussions regarding proceeding to binding proposals are continuing, however, until a transaction is finally concluded there can be no certainty that a transaction will occur or on what terms, it added.

Quick facts: Eurasia Mining PLC

Price: 28.5 GBX

AIM:EUA
Market: AIM
Market Cap: £786.23 m
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