Eurasia Mining enters into securities purchase agreement, looks to raise £3.15m
By Iain Gilbert
Date: Friday 28 Mar 2025
(Sharecast News) - Mining firm Eurasia Mining said on Friday that it has entered into a securities purchase agreement for a strategic private placement in order to raise up gross proceeds of roughly £3.15m.
Eurasia said the agreement was for 72.03m new ordinary shares of 0.1p each and also included warrants for US and UK institutional investors to purchase up to a further 72.03m ordinary at the price of 4.37p each. The warrants have an exercise price of 8.74p per ordinary share, representing a 100% premium to the placing price, and may be exercised at any time upon issuance and prior to the two-year anniversary of the issuance date.
The AIM-listed group stated net proceeds of the placing were intended to be used exclusively at the company level to maintain the listing in London and to finance the planned launch of its dual listing in Kazakhstan on the Astana International Exchange.
Eurasia added that this private placement also allowed it to cease using its 2.5p convertible Sanderson Facility.
Executive chairman Christian Schaffalitzky said: "We are delighted to have US and UK institutions in Eurasia's equity at this pivotal point of US strategic interest in critical minerals in Russian Arctic. This equity transaction will help to support our Astana dual listing and should increase the awareness of Russian mining assets among US strategic investors".
"The private placement also provides sufficient funding not only to launch the proposed AIX dual listing in Kazakhstan but also puts the company in a stronger position to negotiate our long-standing goal of completing the possible sale of our Russian mining assets."
As of 1015 GMT, Eurasia shares were down 3.88% at 4.57p.
Reporting by Iain Gilbert at Sharecast.com
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