Eurasia Mining PLC

AGM Update and Shareholder Questions

RNS Number : 7385C
Eurasia Mining PLC
22 June 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 REGULATION NO. 596/2014 (AS IT FORMS PART OF RETAINED EU LAW AS DEFINED IN THE EUROPEAN UNION (WITHDRAWAL) ACT 2018) AND IS IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 7 OF THAT REGULATION.

 

22 June 2021

 

Eurasia Mining Plc

 ("Eurasia" or the "Company")

AGM Update and Shareholder Questions

 

2021 Annual General Meeting ("AGM" or the "Meeting") - 28 June 2021

Please note, that in light of updates to UK wide public health guidance, general attendance at the 2021 Eurasia Mining AGM will not be permitted. The Meeting will follow the format of the previous AGM, with no business to be conducted other than to deal with voting on the resolutions put to the Meeting. Shareholders have been encouraged to submit their votes electronically or by post in advance of the Meeting and a set of Questions and Answers has now been published at https://www.eurasiamining.co.uk/investors/general-meetings , in response to emails received from shareholders in recent weeks. No general virtual access to the Meeting will be provided in this instance. Further information may be found at the following company web page:

https://www.eurasiamining.co.uk/investors/circulars-notices

Thanks to all our shareholders who have already voted on resolutions to be put to the Meeting on 28 June. Voting closes on Thursday 24 June 2021 and each vote counts. Please see our website:

https://www.eurasiamining.co.uk/investors/general-meetings

For information on voting from a Nominee account and also a useful table provided at the Association of Investment Companies website:

https://www.theaic.co.uk/availability-on-platforms/shareholder-voting-consumer-platforms

 

Shareholder Question and Answers

Regarding the most common questions received from our shareholders to put to the Board at the AGM:

Q1: Why is the company seeking further authority, given a large fundraising has just been undertaken?

It would be quite unusual to not seek authority and these resolutions are put to shareholders at every AGM. The Board considers the Company very well-funded and does not currently have specific intentions for a further fundraising, however, the Board asks that its members make that option available, for example, in case the Rosgeo Joint Venture development this year results in proving a resource higher than already released (104.6Moz Pt eq) and only if further funding will add value to Eurasia taking into account the implications of shareholder dilution, which the Board and management prefer to limit, being collectively the largest shareholders in Eurasia Mining.

 

Q2: Have the board used the circa £14m from the recent placing?

No. As announced on 4 June 2021 the cash balance of Eurasia is c.$23m. The work programme is being developed in relation to the Rosgeo Joint Venture.

 

Q3: Can the board release a comprehensive update regarding the potential asset sale?

Our RNS of 12 May 2021 stated the Company had received a proposal for the potential acquisition of substantially all of the Company's assets, and that the transaction would make the Company subject to AIM rule 15 (any disposal which exceeds 75% in any of the class tests is deemed to be a disposal resulting in a "fundamental change of business"). The Company has provided as much detail as permitted by the AIM Rules regarding this proposal and looks forward to providing more detail when appropriate and permitted by the AIM Rules. Proceeding under the remit of AIM Rule 15 would require a shareholder circular to be published and a general meeting of shareholders held to approve any transaction.

 

Q4: If commenced, how long will it take for the Monchetundra Project preparatory works assigned to TGK?

The engineering, procurement and construction ("EPC") contract allows for an 18-months to 2-year construction phase to commence in line with pit preparation works, undertaken by Eurasia subsidiary TGK, in a sub-contract costed within the EPC. These preparatory works include stripping at West Nittis and Loipishnune, transportation and compacting and dumping, slope grading, compacting of run of mine pad.

 

Q5: If a dividend is paid, following a sale of assets, what would be the dividend date?

The Directors and management (being the largest shareholders in Eurasia) intend to proceed with a dividend payment as soon as practicable following a sale. The date from which a shareholder qualifies for a dividend will be determined when the terms for a sale are agreed.

 

A copy of this announcement is also available on Eurasia's website at:

https://www.eurasiamining.co.uk/investors/news-announcements.

 

For further information, please contact:

 

Eurasia Mining Plc

Christian Schaffalitzky/ Keith Byrne

+44 (0)207 932 0418

 

SP Angel Corporate Finance LLP (Nomad and Joint Broker)

Ewan Leggat / David Hignell / Adam Cowl

+44 (0)20 3470 0470

 

Optiva Securities (Joint Broker)

Christian Dennis

Tel: +44 (0) 20 3137 1902

 

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.

 

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