Eurasia Mining plc has noted the adverse movement in the Company’s share price yesterday, following announcement of the trade yesterday for 27,400,000 shares by Alexei Churakov (the “Shares”).
Eurasia had received no notification of this trade prior to it being reported by Alexei Churakov himself via RNS on 27 January 2021.
The Company and its professional advisers continue to work on the Formal Sale Process as recently reported via RNS of 14 January 2021. The operations of the Company are ongoing with the DFS for West Kytlim formally approved as announced on 21 January 2021.
The Company has made initial enquiries of Alexei Churakov regarding the sale of the Shares, and he has now notified the Company that:
· he sold the Shares to cover an urgent and critical cash call,
· all the Shares were acquired by Veles International (“Veles”), a subsidiary of an investment company Veles Capital,
· he has no intention to sell his remaining shares and/or options.
The Company is continuing with these enquiries.
The Company notes that the acquisition by Veles evidences interest in Eurasia among institutional shareholders. Veles is a well-established and one of the oldest professional institutional investors in Russia.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Eurasia Mining Plc
Christian Schaffalitzky/ Keith Byrne
+44 (0)207 932 0418
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