Eurasia Mining PLC
14 November 2002
EURASIA MINING PLC ('Company')
Placing
This announcement replaces the Placing announcement released on 25 October 2002
at 12:00 under RNS number 9428C. In the third paragraph the figure of 2,135,227
should have read 2,220,534 all other details remain unchanged. The full amended
text appears below.
Eurasia Mining plc is pleased to announce that it has raised £260,000 before
expenses by way of a placing of 5,200,000 new Ordinary Shares of 5p each at 5p
per share. Application has been made for the new Ordinary Shares to be admitted
to trading on the Alternative Investment Market of the London Stock Exchange and
dealings are expected to commence on 30 October 2002. The shares will rank pari
passu in all respects with the existing shares in issue.
As required by sections 324 to 328 of the Companies Act 1985 and rule 15 of the
Alternative Investment Market Rules the following information falls to be
disclosed. The named directors below have subscribed for shares in this placing
as follows: Michael Martineau 700,000 Ordinary Shares, increasing his holding to
744,500 shares representing 1.6 per cent of the Company's issued share capital;
Christian Schaffalitzky 900,000 Ordinary Shares, representing 1.92 per cent of
the Company's issued share capital; John Mitchell and Charles Hutson 200,000
Ordinary Shares each, representing 0.43 per cent each of the Company's issued
share capital; Robert Jenkins 60,000 Ordinary Shares, increasing his holding to
310,000 shares representing 0.67 per cent of the Company's issued share capital.
Simultaneously to the share placing, Framlington Russian Investment Fund ('FRIF
') is converting £111,027 (US$171,980) of loan stock into 2,220,534 new
Ordinary Shares at the placing price. Following this conversion, FRIF maintains
its 29.9% shareholding position, and £414,815 (US$642,549) of its loan stock
remains outstanding, and convertible or otherwise repayable in accordance with
terms previously announced.
In a related transaction, FRIF has agreed to extend the maturity of the loan
stock note for a further twelve months, to the 24th October 2003. In
consideration for this extension, FRIF has been granted warrants over 500,000
new Ordinary Shares at a price of 10p, exercisable at any time over one year.
14 November 2002
For further information contact:
Michael Martineau/Christian Schaffalitzky, Eurasia Mining PLC:+44(0)20 7976 1222
Laurie Beevers, W H Ireland: +44 (0) 161 819 8724
This information is provided by RNS
The company news service from the London Stock Exchange
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