Early Settlement of Loan Through Equity Conversion

RNS Number : 4577W

Eurasia Mining PLC

01 August 2018

 

Eurasia Mining plc (AIM: EUA)

("Eurasia" or the "Company")

Early Settlement of Loan Through Equity Conversion

Eurasia Mining plc ("Eurasia" or "the Company"), the PGM and gold producing company, is pleased to announce it has received a conversion notice from Sanderson Capital Partners ("SCP"), regarding the outstanding amount of £250,000 which was due for repayment in September of this year.

As per the agreement entered into in May 2017 (See RNS dated 19 May 2017) SCP could at its choosing convert all or part of the principal amount into ordinary shares in the Company's share capital at an agreed fixed price of 0.475p per share (reflecting the share price at the time of the agreement in H1 2017). SCP has notified the Company that it has elected to utilise this option and accordingly the Company has today issued 52,631,579 new ordinary shares ('The New Shares'). SCP has voluntarily agreed an orderly disposal agreement and intend to remain a supportive shareholder in Eurasia.

An application will be made for the New Shares to be admitted to trading on AIM and dealings in these shares are expected to commence on the 6 August 2018. This concludes the loan agreement between the parties and repays in full all applicable principal and interest.

Following the issue of the New Shares the total number of issued ordinary shares in the Company will then be 2,117,516,768 ordinary shares and consequently the total number of voting rights in the Company will be 2,117,516,768. 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 the share capital of the Company under the Disclosure and Transparency Rules.

 Christian Schaffalitzky commented ' We are pleased to fulfil our obligations under this loan agreement and thank SCP for the support they have shown the company over the past number of years. We welcome their continued participation as a supportive shareholder in our future prospects as we continue to produce at the West Kytlim Mine, and bring our Monchetundra Project towards production.'

Enquiries:

Eurasia Mining Plc

Christian Schaffalitzky

[phone]

WH Ireland Limited (Nomad and Joint Broker)

Katy Mitchell / James Sinclair-Ford

[phone]

First Equity Limited (Joint Broker)

Jason Robertson

Tel: [phone]

 

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