Eurasia Mining PLC, the established producer of palladium, platinum, iridium, rhodium and gold in Russia, has received notification from warrant holders to exercise warrants over 16,053,612 shares of 0.1p in the share capital of Eurasia (“the Warrant Shares”).
The consideration for the exercise of the Warrant Shares amounts, in aggregate, to a cash value of £85,000. Application has been made for the Warrant Shares to be admitted to trading on AIM, which is expected to be on or around 31 October 2019 (“Admission”). These shares will rank pari passu with the ordinary shares of the Company in issue.
Furthermore, cash payments from the refinery, for sale of metal from the operating West Kytlim mine for PGM already delivered, are due before year end. The payments for platinum will include a final payment for other metals namely palladium, iridium, rhodium and gold. In this regard Eurasia is not planning any new share placings in the foreseeable future.
Commenting on the exercise, Christian Schaffalitzky, Chairman, added: “With the recent share price increase a number of shareholders have indicated they wish to exercise their warrants and hold these shares long term. We are grateful to them and likewise the Directors have indicated they are holding their 22% in the Company on a long-term basis. As the Company prepares for a significant increase in production at the West Kytlim mine next year, the funds from our operations and from the warrants will be used to prepare for mining at the second site and to upgrade our wholly owned equipment, now that we are no longer using a sub-contractor and enjoy 100% of the margin as opposed to 30-35% previously. We, the Directors, therefore believe the Company is in a strong financial position going forward”.
Total voting rights
The Company’s total issued share capital upon Admission will be 2,503,805,533 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.
Eurasia Mining Plc
Christian Schaffalitzky/ Keith Byrne
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