Business
Replacement - Amendment to Loan Agreement
Replacement - Amendment to Loan Agreement.
About this update from Eurasia Mining Plc
[{"type":"text","content":"\n \nRNS Number : 4130Z Eurasia Mining PLC 14 December 2017 \n\nEurasia Mining plc (AIM: EUA)\n(\"Eurasia\" or the \"Company\")\n \nReplacement - Amendment to Loan Agreement\n \n \nThe following amendment has been made to the 'Amendment to Loan Agreement' announcement released on 14/12/2017 at 12:18 under RNS No 3901Z.\n \nThe original RNS stated that the Company had entered into an amendment to the US$2m facility however this figure should have been cited as US$1.25m. The corrected text is as follows:\n \nThe Company confirms they have today entered into an amendment to the US$1.25m facility arranged by Riverfort Global Capital Ltd (\"Riverfort\") as announced on 19 May 2017.\n \nAll other details remain unchanged.\n \nThe full amended text is shown below.\n \nEurasia Mining plc (AIM: EUA)\n(\"Eurasia\" or the \"Company\")\n \nAmendment to Loan Agreement\n \nThe Company confirms they have today entered into an amendment to the US$1.25m facility arranged by Riverfort Global Capital Ltd (\"Riverfort\") as announced on 19 May 2017.\n \nThe terms of this amendment are:\n \n- For the next four months there will be no conversion of principal amount if the share price of the Company remains below 0.34p (a 51% premium to yesterdays close);\n- The final repayment date of 15 May 2018 is extended to 15 September 2018 to cover the main production season at West Kytlim.\n- The scheduled repayments for the next 4 months are significantly reduced to US$25,000 per month in cash plus interest. This is designed to direct more cash into mining preparation, including work on site, and at the same time to avoid share dilution;\n- Warrants totalling 80,749,333 are cancelled and replaced by 109,196,618 new warrants at a price of 0.34p, being a 20% premium to the VWAP in the 30 days preceding this amendment. The warrants issued shall have a subscription period of three years from 15 May 2017.\n- A 10% restructuring fee is to be recouped at the end of the term by addition to the principal amount.\n \nChristian Schaffalitzky commented: 'We are excited by the prospects that the development of Monchetundra can bring during 2018, while aiming to operate successfully at...