Eurasia Mining PLC Replacement - Amendment to Loan Agreement (4130Z)
December 14 2017 - 9:16AM
UK Regulatory
TIDMEUA
RNS Number : 4130Z
Eurasia Mining PLC
14 December 2017
Eurasia Mining plc (AIM: EUA)
("Eurasia" or the "Company")
Replacement - Amendment to Loan Agreement
The following amendment has been made to the 'Amendment to Loan
Agreement' announcement released on 14/12/2017 at 12:18 under RNS
No 3901Z.
The original RNS stated that the Company had entered into an
amendment to the US$2m facility however this figure should have
been cited as US$1.25m. The corrected text is as follows:
The Company confirms they have today entered into an amendment
to the US$1.25m facility arranged by Riverfort Global Capital Ltd
("Riverfort") as announced on 19 May 2017.
All other details remain unchanged.
The full amended text is shown below.
Eurasia Mining plc (AIM: EUA)
("Eurasia" or the "Company")
Amendment to Loan Agreement
The Company confirms they have today entered into an amendment
to the US$1.25m facility arranged by Riverfort Global Capital Ltd
("Riverfort") as announced on 19 May 2017.
The terms of this amendment are:
- For the next four months there will be no conversion of
principal amount if the share price of the Company remains below
0.34p (a 51% premium to yesterdays close);
- The final repayment date of 15 May 2018 is extended to 15
September 2018 to cover the main production season at West
Kytlim.
- The scheduled repayments for the next 4 months are
significantly reduced to US$25,000 per month in cash plus interest.
This is designed to direct more cash into mining preparation,
including work on site, and at the same time to avoid share
dilution;
- Warrants totalling 80,749,333 are cancelled and replaced by
109,196,618 new warrants at a price of 0.34p, being a 20% premium
to the VWAP in the 30 days preceding this amendment. The warrants
issued shall have a subscription period of three years from 15 May
2017.
- A 10% restructuring fee is to be recouped at the end of the
term by addition to the principal amount.
Christian Schaffalitzky commented: 'We are excited by the
prospects that the development of Monchetundra can bring during
2018, while aiming to operate successfully at West Kytlim. We
appreciate the grace period here offered by our funding partner and
the confidence they have shown in the Company generally and
specifically in the West Kytlim Mine and its ability to generate
revenue in the 2018 mining season. The entire board of directors,
as recently demonstrated, share this confidence. Our team is
currently busy working on the best options to ensure a successful
mining season in 2018, as the Monchetundra project progresses
through permitting. Furthermore, the Company continues to pursue
new options that could enhance these projects, provide greater
commodity diversity and to increase production volumes.'
Enquiries:
Eurasia Mining Plc
Christian Schaffalitzky/Michael de Villiers
+44 (0)207 932 0418
WH Ireland Limited
Katy Mitchell/James Sinclair-Ford
+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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