Notice of EGM

RNS Number : 0522V

Eurasia Mining PLC

09 April 2021

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN EU REGULATION NO. 596/2014 AND IS IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 7 OF THAT REGULATION.

Eurasia Mining Plc

Notice of Extraordinary General Meeting

Eurasia Mining plc ("Eurasia" or the "Company"), the palladium, platinum, rhodium, iridium and gold producing company, announced that an Extraordinary General Meeting (the "EGM") of the Company will be held at the East India Club, 16 St James's Square, London, SW1Y 4LH at 11am on 28 April 2021.

A statement from executive Chairman Christian Schaffalitzky follows below;

Dear Shareholder,

As announced on 26 March 2021, Eurasia entered into a transformational joint venture with Rosgeo (the "JV" or the "Rosgeo JV"), a 100% Russian state-owned company, to gain a 75% equity stake in nine PGM and battery metals assets (four of which are post Russian Feasibility Study with state approved reserves) with a total of 104.6Moz of Platinum equivalent Russian Code reserves and resources in the immediate vicinity of the Company's Monchetundra Project on Kola. The remaining 25% equity stakes will be held by Rosgeo.

The Directors of Eurasia are recognising several dominant market trends:

· greener world (including hydrogen economy, EVs, hydrogen and electric hybrids) driving the demand for PGM and battery metals resulting in more favourable metal prices;

· ESG focused open pit mining sources of PGM and battery metals;

· expected PGM and battery metals supply challenges driven by legacy issues in the traditional mining districts of SAR and Russia; and

· the emergence of Kola as a new district for predominantly open-pittable PGM and battery metals (Nickel, Copper and Cobalt) projects akin to the Finnish style of PGM-Cu-Ni-Co deposits.

The Company is well placed to follow the model successfully implemented at West Kytlim and Monchetundra in developing a new global district for PGM and battery metals mining on Kola. The Company acknowledges the ESG focus adopted by its JV partner Rosgeo and its in-depth knowledge, experience, expertise and network of contacts, that make Rosgeo an ideal partner for the development of the Kola PGM district.

Kola PGM and Battery Metals District

The Company's flagship asset is Monchetundra PGM and battery metals project near the town of Monchegorsk on Kola. The project hosts 1.9Moz PGM reserves and resources within the approved mining permit and a further 13Moz (according to the Russian Cadastre of Mines) in Eurasia's adjacent license. In addition, further predominantly open pit deposits exist in the Monchegorsk region and host 104.6Moz of Platinum equivalent Russian Code reserves and resources that are now part of the Rosgeo JV. This creates the basis for a globally significant combination of deposits to be developed as a new mining district alongside traditional PGM supply from South Africa and Norilsk regions that have to cope with various challenges posed by underground mining, legacy infrastructure, energy supply and environmental issues.

The Kola deposits are predominantly open pittable in a mining friendly jurisdiction with existing infrastructure. Having worked in Russia and Kola for more than two decades and through a 15-year JV with Anglo American Platinum, Eurasia has long recognised the PGM and battery metals opportunities on Kola.

Recent corporate activity

With the development of the Company's own asset at Monchetundra, the favourable trends now established in the PGM and battery metals markets, and the successfully concluded Rosgeo JV, the Board recognises that the Kola projects should be developed concurrently with the strategic options being progressed by the Company.

The Directors also welcome aboard Tamerlan Abdikeev as our new Non-Executive Director and the head of Eurasia in Japan, who has already added significant value by bringing interested parties from Japan, that are keen to secure PGM deposits for nuclear contaminated water cleaning and for the hydrogen economy, where Japan is striving to take the global leadership position. Tamerlan has introduced Asian strategic investors to Eurasia who are committed to the move to hydrogen and fuel cells using PGM as catalysts and have active interests in PGM mineral deposits after being hit by the PGM supply disruptions.

Regarding the general meeting and resolution to be put to our members, The Directors are confident that the ability to allot securities and demonstrate a capacity to develop the Kola PGM and battery metals district independently of other strategic options available to the Company benefits the Company and its Shareholders by improving Eurasia's negotiating position. The resolution proposed is a standard resolution proposed and passed at all recent Company Annual General Meetings but which, for reasons related to delays in processing votes held in Nominee accounts was not passed at the 2020 AGM held on 18 September 2020.

The purpose of the EGM is to seek Shareholder approval for the following Resolution:

Resolution 1 - General Power to allot securities

That Directors be given the general power to allot equity securities pursuant to section 571 (as defined by section 560 of the Companies Act 2006 ("2006 Act") for cash, either pursuant to the authority conferred by resolution 7 as set out in the notice of, and passed at, the last annual general meeting of the Company, held on 18 September 2020, or by way of a sale of treasury shares, as if section 561 of the 2006 Act did not apply to any such allotment, provided that this power shall be limited to:

a)  the allotment of equity securities in connection with an offer by way of a rights issue to the holders of ordinary shares in proportion (as nearly as may be practicable) to their respective holdings and to holders of other equity securities as required by the rights of those securities or as the Board otherwise consider necessary, but subject to such exclusions or other arrangements as the Board may deem necessary or expedient in relation to treasury shares, fractional entitlements, record dates, legal or practical problems in or under the laws of any territory or the requirements of any regulatory body or stock exchange; and

b)  the allotment (otherwise than pursuant to paragraph (a) above) of equity securities up to an aggregate nominal amount of £250,000.

The authority granted by this resolution will expire on the conclusion of the Company's next annual general meeting (unless renewed, varied or revoked by the Company prior to or on that date) save that the Company may, before such expiry, make offers or agreements which would or might require equity securities to be allotted (or treasury shares sold) after the authority expires and the Directors may allot equity securities (or sell treasury shares) in pursuance of any offer or agreement as if the authority had not expired.

The circular, which includes the notice of the EGM, (the "Circular") and a Form of Proxy will be posted to shareholders. The Board strongly urges shareholders to review the contents of the Circular in their entirety, including the documents referred to therein, and to consider the Board's recommendation that shareholders vote in favour of the Resolution.

The Circular, the Form of Proxy, and copies of the documents referred to in the Circular will be made available to view on the Company's website; www.eurasiamining.co.uk .

For further information, please contact:

Eurasia Mining Plc	[phone]
Christian Schaffalitzky / Keith Byrne
SP Angel (Nominated Advisor and Joint Broker) Ewan Leggat / David Hignell / Adam Cowl	[phone]
Optiva Securities (Joint Broker) Christian Dennis	[phone]

About Eurasia Mining Plc

Eurasia Mining plc is a palladium, platinum, rhodium, iridium and gold producing company, operating the established West Kytlim Mine in the Urals, and also the operator of the Monchetundra Project comprising two predominantly palladium open pit deposits located 3km away from Severonickel, one of Norilsk Nickel's largest base metals and PGM processing facilities, near the town of Monchegorsk on the Kola Peninsula.

 

END

 

 

NOGUKUBRAVUSRAR