TIDMEUA
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 GBP14m 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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END
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June 22, 2021 08:55 ET (12:55 GMT)
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