Business
Extension of Loan Notes
Extension of Loan Notes.
About this update from Eurasia Mining Plc
[{"type":"text","content":"\n Eurasia Mining PLC\n31 March 2008\n\n Eurasia Mining plc\n ('Eurasia' or the 'Company')\n\n\n Extension of Loan Notes\n\n\nEurasia confirms that the holders of the unlisted Series A 8% Convertible\nRedeemable Loan Notes 2008 (the 'Loan Notes') have today agreed to the following\namendments to the Loan Note Instrument, dated 31 March 2006, in respect of the\nLoan Notes:\n\n• the Redemption Date of the Loan Notes be extended for a period of 12 months \n in the case of Chase Nominees Limited and for 24 months for all other\n holders of the Loan Notes; and\n\n• the interest rate of the Loan Notes be increased from 8% to 12% per annum \n with effect from 31 March 2008.\n\n\nIn addition, in further consideration of the Loan Notes being extended each Loan\nNote holder will receive warrants over 20 ordinary shares in the share capital\nof the Company in respect of each £1 of Loan Note held. These warrants can be\nexercised at any time up to 36 months at a price of 5 p per ordinary share.\n\nThe total value of the Loan Notes is £470,000 of which the directors of the\nCompany hold £150,000 as follows:\n\n• Mr Martineau, through his wife, holds £50,000 of Loan Notes;\n\n• Mr Fitzgerald holds £50,000 of Loan Notes; and\n\n• Mr Schaffalitzky holds £50,000 of Loan Notes.\n\nIn the absence of any independent director, WH Ireland Limited, as nominated\nadviser confirms that it believes that the terms of the transaction are fair and\nreasonable insofar as its shareholders are concerned.\n\n\n\nFor further information, please contact:\n\nChristian Schaffalitzky, Eurasia Mining plc - 020 7495 4877\nDavid Youngman, WH Ireland Limited - 0161 832 2174\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":2058,"tagName":"div"}]