Eurasia Mining PLC
27 November 2001
EURASIA RAISES £300,000 AND GRANTS NEW OPTIONS
Eurasia Mining PLC ('Eurasia') is pleased to announce that it has raised
£300,000 in a placing of 2,000,000 new Ordinary Shares at 15 pence each, with
institutional and private clients of its stockbrokers W H Ireland Limited, to
raise £280,000 net of expenses.
The proceeds of the share placing will be utilised to fund Eurasia's
continuing Platinum Group Metals exploration programmes in the Urals region of
Russia and in the Bushveld region of South Africa.
Eurasia's Finance Director, Mr Robert Jenkins, is also participating in the
share placing, and is subscribing for 50,000 new Ordinary Shares. This brings
his total shareholding in Eurasia to 250,000 shares, representing 0.69% of the
enlarged issued share capital
Simultaneously to the share placing, Framlington Russian Investment Fund
('FRIF') is converting US$166,284 (£117,723) of loan stock into 853,068 new
Ordinary Shares at the placing price (less a previously agreed 8% discount
thereto), maintaining its 29.9% shareholding position. Following this
conversion, US$990,093 (£700,951) of FRIF's loan stock remains outstanding,
and convertible or otherwise repayable in accordance with terms announced on
17 May 2001.
Following the share placing and conversion of loan stock, Eurasia's issued
share capital has increased to 36,219,724 Ordinary Shares. Application has
been made for admission of the 2,853,068 new Ordinary Shares to trading on the
Alternative Investment Market. Dealing in the new shares is expected to
commence on 30 November 2001.
Eurasia also announces the granting of 250,000 share options to its Executive
Deputy Chairman, Dr Michael Martineau. These share options, which are granted
outside the Company's Executive Share Option Scheme, are exercisable at 18p
each at any time within three years from their date of grant. In addition,
915,000 share options held by Mr Andrew Counsell have lapsed upon his
resignation as a Director in November 2001.
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