2021 Annual General Meeting (“AGM” or the “Meeting”) – 28 June 2021
Please note, that in light of updates to UK wide public health guidance, general attendance at the 2021 Eurasia Mining AGM will not be permitted. The Meeting will follow the format of the previous AGM, with no business to be conducted other than to deal with voting on the resolutions put to the Meeting. Shareholders have been encouraged to submit their votes electronically or by post in advance of the Meeting and a set of Questions and Answers has now been published at https://www.eurasiamining.co.uk/investors/general-meetings, in response to emails received from shareholders in recent weeks. No general virtual access to the Meeting will be provided in this instance. Further information may be found at the following company web page:
https://www.eurasiamining.co.uk/investors/circulars-notices
Thanks to all our shareholders who have already voted on resolutions to be put to the Meeting on 28 June. Voting closes on Thursday 24 June 2021 and each vote counts. Please see our website:
https://www.eurasiamining.co.uk/investors/general-meetings
For information on voting from a Nominee account and also a useful table provided at the Association of Investment Companies website:
https://www.theaic.co.uk/availability-on-platforms/shareholder-voting-consumer-platforms
Shareholder Question and Answers
Regarding the most common questions received from our shareholders to put to the Board at the AGM:
Q1: Why is the company seeking further authority, given a large fundraising has just been undertaken?
It would be quite unusual to not seek authority and these resolutions are put to shareholders at every AGM. The Board considers the Company very well-funded and does not currently have specific intentions for a further fundraising, however, the Board asks that its members make that option available, for example, in case the Rosgeo Joint Venture development this year results in proving a resource higher than already released (104.6Moz Pt eq) and only if further funding will add value to Eurasia taking into account the implications of shareholder dilution, which the Board and management prefer to limit, being collectively the largest shareholders in Eurasia Mining.
Q2: Have the board used the circa £14m from the recent placing?
No. As announced on 4 June 2021 the cash balance of Eurasia is c.$23m. The work programme is being developed in relation to the Rosgeo Joint Venture.
Q3: Can the board release a comprehensive update regarding the potential asset sale?
Our RNS of 12 May 2021 stated the Company had received a proposal for the potential acquisition of substantially all of the Company’s assets, and that the transaction would make the Company subject to AIM rule 15 (any disposal which exceeds 75% in any of the class tests is deemed to be a disposal resulting in a “fundamental change of business”). The Company has provided as much detail as permitted by the AIM Rules regarding this proposal and looks forward to providing more detail when appropriate and permitted by the AIM Rules. Proceeding under the remit of AIM Rule 15 would require a shareholder circular to be published and a general meeting of shareholders held to approve any transaction.
Q4: If commenced, how long will it take for the Monchetundra Project preparatory works assigned to TGK?
The engineering, procurement and construction (“EPC”) contract allows for an 18-months to 2-year construction phase to commence in line with pit preparation works, undertaken by Eurasia subsidiary TGK, in a sub-contract costed within the EPC. These preparatory works include stripping at West Nittis and Loipishnune, transportation and compacting and dumping, slope grading, compacting of run of mine pad.
Q5: If a dividend is paid, following a sale of assets, what would be the dividend date?
The Directors and management (being the largest shareholders in Eurasia) intend to proceed with a dividend payment as soon as practicable following a sale. The date from which a shareholder qualifies for a dividend will be determined when the terms for a sale are agreed.
A copy of this announcement is also available on Eurasia’s website at:
https://www.eurasiamining.co.uk/investors/news-announcements.
For further information, please contact:
Eurasia Mining Plc
Christian Schaffalitzky/ Keith Byrne
+44 (0)207 932 0418
