Eurasia Mining PLC West Kytlim update/Loan facility & issue of equity (4118K)
September 21 2016 - 2:20AM
UK Regulatory
TIDMEUA
RNS Number : 4118K
Eurasia Mining PLC
21 September 2016
Eurasia Mining plc (AIM: EUA)
("Eurasia" or the "Company")
West Kytlim update/ Loan facility draw down and issue of
equity
Eurasia Mining plc ("Eurasia") the Russia focused PGM and gold
production and development company is pleased to confirm that
mining is underway at West Kytlim and concentrate continues to be
produced. An interruption necessary to refurbish the water supply
was resolved within three days and production of concentrate has
continued since. A more detailed announcement will follow in due
course.
Separately, Eurasia confirms that it has executed a further draw
down of its loan facility with Sanderson Capital Partners
Limited("Sanderson") as per the agreement outlined in the
announcement dated 1 August 2016. Pursuant to the terms of the
Agreement, Sanderson had agreed to make available GBP700,000 which
can be drawn down any time until 31 December 2016 and must be used
by Eurasia for working capital purposes. The facility may be
fulfilled in GBP100,000 tranches not less than 30 days apart and
must be repaid on or before 28 January 2017. This is the second
draw down of the facility; an initial draw down was executed when
the agreement was finalized on the 1 August 2016.
Furthermore, each drawdown shall be subject to a fee of
GBP10,000 payable as each tranche of the facility is drawn and may
be met by the issue of Ordinary Shares in the company. Eurasia
confirms that 1,538,462 ordinary shares ("New Shares") have been
issued to Sanderson in lieu of the drawdown fee and application has
been made to admit the new shares to trading on AIM.
Admission is expected to become effective on 26 September 2016
and the New Shares will rank pari passu in all respects with the
Company's existing Ordinary Shares in issues.
For the purposes of the Financial Conduct Authority's Disclosure
and Transparency Rules ("DTRs"), the issued ordinary share capital
of the Company following the allotment of the New Shares consists
of 1,434,674,517 Shares with voting rights attached (one vote per
Share). There are no Shares held in treasury. The total voting
rights figure may be used by shareholders as the denominator for
the calculations by which they will determine whether they are
required to notify their interests in, or a change to their
interest in, Eurasia under the DTRs.
Christian Schaffalitzky MD at Eurasia comments ' This is a
particularly busy time for Eurasia as we are active at all three of
the company's projects. We continue to work to produce from this
season's mining allotment at West Kytlim and have recently (see the
announcement dated 9 September 2016) shipped our first batch of
concentrate to the Refinery in Ekaterinburg. Our geologists and
contractors are finalizing a TEO and reserves statement to be used
in application for a discovery certificate before end of year at
the Monchetundra hardrock PGM project, while SGS laboratories in
Chita are engaged in the final round of optimized cyanide recovery
tests on samples from the Semenovsky Tailings Project. The
Sanderson facility provides essential working capital to drive
these objectives, and we look forward to updating on developments
in the near term.'
Enquiries:
Eurasia Mining Plc
Christian Schaffalitzky/Michael de Villiers
+44 (0)207 932 0418
WH Ireland Limited
Katy Mitchell/Nick Prowting
+44 (0)161 832 2174
Beaufort Securities
Elliot Hance
+44 (0)207 382 8300
This information is provided by RNS
The company news service from the London Stock Exchange
END
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