TIDMEUA
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
GBP250,000.
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 +44 (0) 20 7932 0418
Christian Schaffalitzky / Keith Byrne
SP Angel (Nominated Advisor and Joint Broker)
Ewan Leggat / David Hignell / Adam Cowl +44 (0) 20 3470 0470
Optiva Securities (Joint Broker)
Christian Dennis +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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END
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