Business
Strategic Placing - Issue of Equity
Strategic Placing - Issue of Equity.
About this update from Eurasia Mining Plc
[{"type":"text","content":"\n \nRNS Number : 6681W Eurasia Mining PLC 18 April 2019 \n\nEurasia Mining plc (AIM: EUA)\n(\"Eurasia\" or the \"Company\")\nStrategic Placing\nIssue of Equity\n \nEurasia Mining PLC, the palladium, platinum, rhodium, iridium and gold producing company, is pleased to announce a significantly oversubscribed placing through its broker, Optiva Securities. With the Company's producing West Kytlim Mine, further scaling up production volumes, and zero debt, Eurasia should be cash positive this year. However, the Company has undertaken this placing to ramp up its larger flagship Monchetundra project development which, once put into operation, the directors believe will bring Eurasia into a different league of PGM producers. The placement should also support faster scaling up of production at West Kytlim and will further diversify Eurasia's shareholder base to include Optiva's investors.\nHighlights:\n- Eurasia has completed a GBP 500,000 placing with new investors to diversify Eurasia's shareholder base to include Optiva's investors.\n- Although the placing was significantly oversubscribed, the Directors have limited its volume to GBP 500,000 to fit its purpose of ramping up its Monchetundra and West Kytlim developments, along with shareholder base diversification.\n- Eurasia has zero debt and should be cash positive this year and going forward as at the West Kytlim project has scaled up by 16.5 times in 2018* and continues to scale up.\nChristian Schaffalitzky, Chairman at Eurasia, commented: \"We are delighted to work towards diversifying Eurasia's shareholder base to include Optiva's investors. We believe the trust from such investors confirms that we are on the right track with our scale up of production at West Kytlim in 2018 and going forward. This placement will also further support the advancement of the Monchetundra Project development, which we plan to do with our EPCF partner Sinosteel MECC, where the land surveys as well as detailed design works are already ongoing\".\nIssue of Equity\nAccordingly, the Company has today issued 90,909,091 Ordinary Shares ('the New Shares') of 0.1p to clients of Optiva Securities at a placing price of 0.55p per ordinary share. An application will be made for the new Shares t...