By Samuel Indyk
Investing.com – Eurasia Mining has announced it has raised £14.1mln, or approximately $20mln, through a share placement and warrants to provide the financing for its previously announced joint venture with Rosgeo. The agreement was with a single institutional investor.
The directors of Eurasia Mining (LON:EUA) limited financing to £14.1mln to keep shareholder dilution to a minimum and focus primarily on advancing certain Rosgeo joint venture projects to production via EPC and financing contracts with minimum equity injections.
“The Directors are delighted, that an institutional investor is providing finance at the market price of 26.5p without a discount to help us develop further new projects in the low-cost open pit mining district of Kola where, via Rosgeo JV, we have significantly advanced our presence in both PGM and battery metals,” said Eurasia Mining Executive Chairman Christian Schaffalitzky.
Strategy Update
Earlier this month, the board of Eurasia Mining announced that they had received a proposal for the potential acquisition of substantially all of the company’s assets, concluding a strategic review and formal sale process.
“The Board is confident that this strategic financing allows us to take Rosgeo JV to the next level, while Eurasia and its advisers are focused on advancing our strategy as announced on 12 May 2021,” Schaffalitzky added.
At 10:57BST, shares in Eurasia Mining were trading higher by 2.8% at 27.25 pence per share.