Eurasia is pleased to announce that it has received notice to exercise warrants over 1,666,668 ordinary shares of 0.1 pence in the Company at an exercise price of 0.6 pence (the “Warrant Shares”).
The consideration for the exercise of the Warrant Shares amounts, in aggregate, to a cash value of £7,000.Â
In addition, the Company announces it has received notice to exercise options over 11,000,000 ordinary shares of 0.1 pence in the Company at an exercise price of 0.6 pence per share (the “Option Shares”). The consideration for the exercise of the Option Shares amounts, in aggregate, to a cash value of £64,200. These options were exercised by employees and ex-employees of the Company, not holding positions as directors of the Company, PDMRs or advisors to the board.
Accelerator Clause
Furthermore, the Company wishes to advise that the accelerator clause governing warrants associated with the May 2018 placing undertaken with clients of the Company’s broker First Equity Limited (See RNS dated 10 May 2018) has now been triggered by the Company. A one-for-one warrant valid to May 2020 was subject to an accelerator clause whereby if the VWAP of the Company’s share price is sustained at greater than 1.8p for ten consecutive days the Company may choose to force execution of the warrants. Tuesday 12th November was the 10th consecutive day satisfying this condition and notice was duly given to warrant holders. Warrants for which notice of execution is not given within 5 business days from the date of notice will be forfeited. The total number of outstanding warrants subject to the clause is 23,349,998, which represents a cash value of £148,600.
Christian Schaffalitzky, Chairman added:Â “The Directors are happy to exercise our right to remove the remaining warrant overhang that has been a concern to some of our shareholders.”
Application has been made for the Warrant Shares and Option Shares to be admitted to trading on AIM, and dealings are expected to commence on or around 19 November 2019 (“Admission”). These shares will rank pari passu with the ordinary shares of the Company in issue.
Total voting rights
The Company’s total issued share capital upon Admission of the Warrant Shares and the Options Shares will be 2,655,479,948 ordinary shares. As the Company does not hold any shares in Treasury, this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency rules.
