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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Eurasia Mining Plc | LSE:EUA | London | Ordinary Share | GB0003230421 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.50 | 1.45 | 1.55 | 1.50 | 1.436 | 1.50 | 2,646,674 | 08:00:14 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Miscellaneous Metal Ores,nec | 120k | -5.84M | -0.0020 | -7.50 | 42.97M |
From Apr 2019 to Apr 2024
TIDMEUA
RNS Number : 2282C
Eurasia Mining PLC
28 September 2018
Eurasia Mining plc (AIM: EUA)
("Eurasia" or the "Company")
Interim report for the six months ended 30 June 2018
Eurasia Mining plc, the platinum and gold production company, announces its interim results for the six months ended 30 June 2018.
CHAIRMAN'S STATEMENT
The first six months of 2018 have been very busy for the company, with the full commissioning of the first washplant at the mine at West Kytlim and attaining the final stage of the mining licence application at Monchetundra.
In March 2018 a new contractor, Techstroy, was appointed and immediately started site preparation work. Actual mining of stockpiled ore at Malaya Sosnovka open pit commenced in April 2018 and the first platinum was produced in early May 2018. Production up to the end of the reporting period of end June 2018 was well ahead of management expectations with 76kg produced of our target for the first half of 2018 of 50kg. As already announced, production proceeded to Kluchiki open pit in August 2018 and at the time of writing, in late September, we have achieved circa 150% of our internal production targets for the entire 2018, with two months still remaining in the season. We believe this represents a major outperformance of our initial production targets. We recognise Techstroy's efficient operation that has served us well to date, and look to our continued partnership through 2019 and beyond.
At Monchetundra, the technical approvals were received in June 2018 and the documentation is now with the Prime Minister's office. We are hopeful that the permit will be signed shortly.
At the time of writing, in late September 2018, we are pleased to confirm that all our loans have been discharged and the Company is debt free. I would like to acknowledge the help of our advisers in this regard, particularly First Equity from the time of their appointment as our broker and subsequently Optiva Securities. The Company is now in a much stronger position, with robust plans in place for future development and steady annual production foreseeable each year at West Kytlim. Coupled with the planned development of a mine at Monchetundra, we can anticipate a significant step-up for Eurasia and its shareholders.
Christian Schaffalitzky
Executive Chairman
OPERATIONS UPDATE
West Kytlim Platinum and Gold mine, Ural Mountains, Russia.
At the time of writing (19 September 2018) the total amount of raw platinum produced from both areas mined at West Kytlim, Malaya Sosnovka and Kluchiki, was 141.5kg (4,549 ounces). Total average raw platinum grade for the period stands at circa 1g/m(3) .
Malaya Sosnovka Open Pit
The Company continues to break new ground at the West Kytlim Project which attained industrial scale production in May 2018 of this year at the Malaya Sosnovka open pit and had already attained full year production guidance by late July 2018. Mining has now proceeded to Kluchiki open pit where work has been ongoing since August.
West Kytlim is the world's second largest alluvial platinum and gold mine (after Konder in Russia) and is contracted to Techstroy, a qualified and experienced alluvial operator. Eurasia has developed the project from grass roots exploration, through successive feasibility studies and reserve approvals to the issue of a mining permit. Mining commenced at industrial scale in May of 2018 at Malaya Sosnovka open pit within the 21.4km(2) license area.
The flow sheet for processing gravels, as redesigned in early 2018 utilises a trommel as the main tool for washing and disintegration to produce a sluice concentrate. This is then further upgraded to a raw platinum black sand concentrate at the on-site laboratory operated by staff from Eurasia's subsidiary Kosvinsky Kamen. Shipments of platinum concentrate to the Ekaterinburg precious metals refinery are ongoing, commensurate with payments from sale of Platinum, Palladium, Rhodium, Iridium and Gold.
Kluchiki open pit
Kluchiki open pit occurs within a few kilometres of the Malaya Sosnovka Area, downstream in the Tylai river system.
Reserves and resources of 319kg raw platinum were identified in the area and achieved state approvals as part of the feasibility study approved in early 2014 (see RNS dated 22 April 2014).
A full team of personnel continue to operate onsite including up to 22 people from Eurasia's contractor Techstroy and up to 8 people from Eurasia's subsidiary Kosvinsky Kamen. Appropriate standards of health and safety are observed on the mine site, no significant incidents involving personal injury have occurred at the site. The mine is in a remote area, 20km from the nearest settlement at Kytlim, a small village of several hundred people. Precautions are taken with regard to safety of mine product, though risk to mine security is considered very low. Corporate and social responsibilities are managed in line with the Company's newly adopted Quoted Company's Alliance Corporate Governance Code 2018. Appropriate environmental management policies are adhered to as prescribed by Russian Subsoil Regulations.
MONCHETUNDRA
Monchetundra is Eurasia's 80% owned ca. 2 million-ounce PGM (Reserve + Resource) project near the town of Monchegorsk on the Kola Peninsula. The project is in late stage feasibility and a mining license application has advanced to Ministerial level having already attained all necessary approvals through federal agents as prescribed under standard Russian subsoil permitting regulations.
In August 2018 the Company was notified that a recalculation of the one-time payment was to be undertaken by Rosnedra, as the mining license application was now more than 6 months old. This is considered a positive step towards a successful conclusion to the process. The one-time payment is a compensation paid to the state for the exploitation of a resource, calculated on a per deposit basis by Rosnedra, and payable over the initial years of the life of the project.
Further details and background to the Monchetundra Project:
Eurasia was issued a discovery certificate in July 2017. This certificate vouchsafes mining rights for the reserves and resources at two open pits, namely Loipishnune and West Nittis. A mining license application proceeded directly.
Currently, state approved reserves and resources within the Monchetundra Project comprise Russian standard C1 and C2 categories of 55.9 tonnes palladium equivalent (predominantly palladium) at two open-pittable locations, West Nittis and Loipishnune. These open pits also contain significant gold and base metal credits including 28,124 tonnes of copper and 30,410 tonnes of nickel.
Engineering Procurement Construction and Financing (EPCF) Contract
An EPCF contract to develop the mine at Monchetundra is already in place with Sinosteel, a state owned Chinese engineering group focused on mining, which was signed in October 2016 (see announcement dated 10 October 2016). The contract provides for Sinosteel to undertake the mine and processing plant construction and commissioning on a turnkey, commercial arms-length basis. 85 per cent (or US$149,600,000) of the contract value has been arranged as debt-based by Sinosteel - this element of plant construction costs will remain on the Sinosteel balance sheet until such time as the plant is operating at full capacity and to designed specification.
The EPCF also includes a sub contract to be awarded to Eurasia's subsidiary Terskaya Mining Company, to cover initial development work at the Loipishnune open pit. This sub-contract, in the amount of US$50m can be drawn down on award of the mining permit.
Other assets and interests.
Work continues at the Semenovsky Tailings Project, Republic of Bashkiria, where a bulk sample has recently been collected for testing at a nearby gold plant. The Company also maintains an active interest in development at the Kamushanovsky Uranium Project which has recently secured new investment. Further updates on these projects will follow when a commercial interest for Eurasia is secured.
Enquiries:
Eurasia Mining Plc
Christian Schaffalitzky
+44 (0)207 932 0418
First Equity Limited (Joint Broker)
Jason Robertson
Tel: +44 (0)20 7374 2212
Optiva Securities (Joint Broker)
Christian Dennis
Tel: +44 (0) 20 3137 1902
WH Ireland Limited (Nomad and Joint Broker)
Katy Mitchell / James Sinclair-Ford
+44 (0)161 832 2174
Eurasia Mining plc
Condensed consolidated statement of comprehensive income
for the six months ended 30 June 2018
Hot Features
Premium
Note 6 months 12 months 6 months
to to to
30 June 31 December 30 June
2018 2017 2017
(unaudited) (audited) (unaudited)
GBP GBP GBP
Revenue 447,545 183,998 26,525
Cost of sales (409,374) (217,540) (35,554)
------------------------------------- ----- ------------ ------------- -------------
Gross profit/(loss) 38,171 (33,542) (9,029)
Administrative costs (399,737) (1,022,664) (509,621)
Finance income 3,168 - -
Finance costs (438,506) (1,113,318) (503,610)
Other gains and losses 4 (175,339) 30,394 (84,252)
Loss before tax (972,243) (2,139,130) (1,106,512)
------------------------------------- ----- ------------ -------------
Income tax expense - - -
------------------------------------- ----- ------------ ------------- -------------
Loss for the period (972,243) (2,139,130) (1,106,512)
Other comprehensive (loss)/income:
Items that will not be reclassified
subsequently to
profit and loss:
NCI share of foreign exchange
differences on translation of
foreign operations 59,230 (13,768) (5,381)
Items that will be reclassified
subsequently to
profit and loss:
Parents share of foreign exchange
differences on translation
of foreign operations 75,098 (79,996) (67,836)
Other comprehensive income/(loss)
for the period, net of tax 134,328 (93,764) (73,217)
------------------------------------- ----- ------------ ------------- -------------
Total comprehensive loss for
the period (837,915) (2,232,894) (1,179,729)
===================================== ===== ============ ============= =============
Loss for the period attributable
to:
Equity holders of the parent (820,852) (2,119,657) (1,117,078)
Non-controlling interest (151,391) (19,473) 10,566
(972,243) (2,139,130) (1,106,512)
------------------------------------- ----- ------------ ------------- -------------
Total comprehensive loss for
the period attributable to:
Equity holders of the parent (700,754) (2,199,653) (1,184,914)
Non-controlling interest (92,161) (33,241) 5,185
(792,915) (2,232,894) (1,179,729)
------------------------------------- ----- ------------ ------------- -------------
Basic loss (pence per share) (0.05) (0.14) (0.07)
Basic and diluted loss (pence
per share) (0.02) (0.09) (0.07)
Eurasia Mining plc
Condensed consolidated statement of financial position
As at 30 June 2018
Note At 30 June At 31 December At 30 June
2018 2017 2017
(unaudited) (audited) (unaudited)
GBP GBP GBP
ASSETS
Non-current assets
Property, plant and equipment 5 4,074,458 4,370,475 4,449,913
Assets in the course of construction 35,688 37,814 39,934
Intangible assets 6 801,026 840,793 859,335
Investments in joint operations - - 44,495
Other financial assets 7 456,061 445,596 463,077
Total non-current assets 5,367,233 5,694,678 5,856,754
--------------------------------------- ----- -------------- --------------- --------------
Current assets
Inventories 122,380 5,605 12,774
Trade and other receivables 81,326 93,387 157,104
Cash and bank balances 165,825 89,819 450,980
Total current assets 369,531 188,811 620,858
--------------------------------------- ----- -------------- --------------- --------------
Total assets 5,736,764 5,883,489 6,477,612
======================================= ===== ============== =============== ==============
EQUITY
Capital and reserves
Issued capital 8 27,145,879 26,623,034 25,755,493
Reserves 9 3,463,934 3,403,368 3,288,291
Accumulated losses (25,231,286) (24,484,719) (23,661,978)
--------------------------------------- ----- -------------- --------------- --------------
Equity attributable to equity holders
of the parent 5,378,527 5,541,683 5,381,806
Non-controlling interest (800,748) (708,634) (670,208)
--------------------------------------- ----- -------------- --------------- --------------
Total equity 4,577,779 4,833,049 4,711,598
--------------------------------------- ----- -------------- --------------- --------------
LIABILITIES
Borrowings 10 - - 389,802
Current liabilities
Borrowings 10 558,094 588,810 1,091,633
Trade and other payables 330,891 236,630 284,579
Other financial liabilities 270,000 225,000 -
Total current liabilities 1,158,985 1,050,440 1,376,212
--------------------------------------- ----- -------------- --------------- --------------
Total liabilities 1,158,985 1,050,440 1,766,014
--------------------------------------- ----- -------------- --------------- --------------
Total equity and liabilities 5,736,764 5,883,489 6,477,612
======================================= ===== ============== =============== ==============
Eurasia Mining plc
Condensed statement of changes in equity
for the six months ended 30 June 2017
Attributable to owners of the parent
---------------------------------------------------------------------------------
Foreign Total
currency attributable
Share Share Deferred Other translation Accumulated to owners Non-controlling Total
Note capital premium shares reserves reserve losses of parent interest equity
GBP GBP GBP GBP GBP GBP GBP GBP GBP
Balance at 1 January
2017 1,509,788 17,042,722 7,025,483 3,542,694 (260,852) (22,544,900) 6,314,935 (675,393) 5,639,542
Issue of
ordinary share
capital for
cash - - - - - - - - -
Shares issued under
terms of financing
arrangements 33,262 144,237 - - - - 177,499 - 177,499
Recognition of equity
element of
convertible
loan notes - - - 74,286 - - 74,286 - 74,286
Transaction with
owners 33,262 144,237 - 74,286 - - 251,785 - 251,785
----------------------- ----------- ------------ ----------- ----------- ------------ -------------- ------------- ---------------- -------------
Loss for the period - - - - - (1,117,078) (1,117,078) 10,566 (1,106,512)
Other
comprehensive
loss
Exchange differences
on translation of
foreign
operations - - - - (67,836) - (67,836) (5,381) (73,217)
Total comprehensive
income - - - - (67,836) (1,117,078) (1,184,914) 5,185 (1,179,729)
Balance at 30 June
2017 1,543,050 17,186,959 7,025,483 3,616,980 (328,688) (23,661,978) 5,381,806 (670,208) 4,711,598
======================= =========== ============ =========== =========== ============ ============== ============= ================ =============
Eurasia Mining plc
Condensed statement of changes in equity
for the six months ended 30 June 2018
Attributable to owners of the parent
---------------------------------------------------------------------------------
Foreign Total
currency attributable
Share Share Deferred Other translation Accumulated to owners Non-controlling Total
Note capital premium shares reserves reserve losses of parent interest equity
GBP GBP GBP GBP GBP GBP GBP GBP GBP
Balance at 1 January
2018 1,847,847 17,749,704 7,025,483 3,744,216 (340,848) (24,484,719) 5,541,683 (708,634) 4,833,049 Issue of ordinary share capital for cash 172,217 344,433 - - - - 516,650 - 516,650 Shares issued under terms of financing arrangements 10,522 25,253 - - - - 35,775 - 35,775 Share issue cost - (29,580) - - - - (29,580) - (29,580) De-recognition of equity element of convertible loan notes (74,286) 74,286 - - - Recognition of equity element of convertible loan notes - - - 59,753 - - 59,753 - 59,753 Non-controlling interests arising on sale of interest in subsidiary - - - - - - - 47 47 Transaction with owners 182,739 340,106 - (14,533) - 74,286 582,598 47 582,598 ------------------------- ----------- ------------ ----------- ----------- ------------ -------------- ------------- ---------------- ----------- Loss for the period - - - - - (820,852) (820,852) (151,391) (972,243) Other comprehensive loss Exchange differences on translation of foreign operations - - - - 75,098 - 75,098 59,230 134,328 Total comprehensive income - - - - 75,098 (820,852) (745,754) (92,161) (837,915) Balance at 30 June 2018 2,030,586 18,089,810 7,025,483 3,729,683 (265,750) (25,231,285) 5,378,527 (800,748) 4,577,779 ========================= =========== ============ =========== =========== ============ ============== ============= ================ ===========
Eurasia Mining plc
Condensed consolidated statement of cash flows
for the six months ended 30 June 2018
6 months 12 months 6 months
to 30 June to 31 December to 30 June
2018 2017 2017
(unaudited) (audited) (unaudited)
GBP GBP GBP
Cash flows from operating activities
Loss for the period (972,243) (2,139,130) (1,106,512)
Adjustments for:
Depreciation and amortisation of
non-current assets:
- Fixed assets 160,113 15,413 157
(Gain)/loss on disposal of investments (246,826) -
Net foreign exchange loss 377,165 169,062 84,252
Loss on disposal of investment in - 44,495 -
joint operations
Investment (profit)/loss (3,168) - -
Finance costs 438,506 1,113,318 503,610
Gain on valuation of derivative financial
instrument 45,000 (76,863) -
Gain on loan settlement - (167,088) -
--------------------------------------------- ------------ ---------------- -------------
(201,453) (1,040,793) (518,493)
Movements in working capital
Decrease/(increase) in inventories 8,464 17,387 (9,453)
(Increase)/decrease in trade and
other receivables (117,090) 52,567 10,671
Increase in trade and other payables 99,253 81,117 127,916
---------------------------------------------- ------------ ---------------- -------------
Net cash used in operating activities (210,826) (889,722) (389,359)
---------------------------------------------- ------------ ---------------- -------------
Cash flows from investing activities
Proceeds from sale of investment
securities 246,873 - -
Contributed to joint operations - (364) (364)
Payments for property, plant and
equipment (75,612) (179,873) (146,883)
Invested into assets under construction - (1,375)
Payments for other intangible assets (977) (69,290) (67,619)
Interest received 3,168 - -
Net cash generated by/(used in) investing
activities 173,452 (249,527) (216,241)
---------------------------------------------- ------------ ---------------- -------------
Cash flows from financing activities
Proceeds from issues of equity shares 487,070 389,422 -
Proceeds from borrowings - 1,664,157 1,661,296
Repayment of borrowings (370,902) (960,550) (750,000)
Net cash generated by financing activities 116,168 1,093,029 911,296
---------------------------------------------- ------------ ---------------- -------------
Net increase/(decrease) in cash and
cash equivalents 78,794 (46,220) 305,696
Effects of exchange rate changes
on the balance of
cash held in foreign currencies (2,788) (18,635) (9,390)
Cash and cash equivalents at the
beginning of period 89,819 154,674 154,674
Cash and cash equivalents at the
end of the period 165,825 89,819 450,980
============================================== ============ ================ =============
Eurasia Mining plc
Selected notes to the condensed consolidated financial statements
for the six months ended 30 June 2018
1. General information Eurasia Mining plc (the "Company") is a public limited company incorporated and domiciled in Great Britain with its registered office and principal place of business at 2nd Floor, 85-87 Borough High Street, London SE1 1NH. The Company's shares are listed on AIM, a market of the London Stock Exchange. The principal activities of the Company and its subsidiaries (the "Group") are related to the exploration for and development of platinum group metals, gold and other minerals in Russia. The financial information set out in these condensed interim consolidated financial statements (the "Interim Financial Statements") do not constitute statutory accounts as defined in Section 435 of the Companies Act 2006. The Group's statutory financial statements for the year ended 31 December 2017, prepared under International Financial Reporting Standards (the "IFRS"), have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified. The report did not contain a statement under Section 498(2) of the Companies Act 2006. 2. Basis of preparation The Group prepares consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) ,as endorsed by the European Union (EU). These condensed consolidated interim financial statements for the period ended 30 June 2018 have been prepared by applying the recognition and measurement provisions of IFRS and the accounting policies adopted in the audited accounts for the year ended 31 December 2017. These Interim Financial Statements have been prepared under the historical cost convention. The accounting policies have been applied consistently throughout the Group for the purposes of preparation of these condensed consolidated interim financial statements. The Interim Financial Statements are presented in Pounds Sterling (GBP), which is also the functional currency of the parent company. 3. Accounting policies The Interim Financial Statements have been prepared in accordance with the accounting policies adopted in the Group's last annual financial statements for the year ended 31 December 2017.
Eurasia Mining plc
Selected notes to the consolidated financial statements
for the six months ended 30 June 2018 (continued)
6 months 12 months 6 months
4. Other gains and losses to to to
30 June 31 December 30 June
2018 2017 2017
GBP GBP GBP
Impairment loss recognised on trade - (95,215) -
and other receivables
Net foreign exchange gain/loss (84,252) 1,959,358 (84,252)
(84,252) 1,864,143 (84,252)
===================================== =========== ============ ===========
5. Property, plant and equipment
30 June 31 December 30 June
2018 2017 2017
GBP GBP GBP
Net book value at the beginning
of period 4,370,475 4,402,272 4,402,272
Additions 75,612 179,873 146,883
Transferred from intangible assets - - -
Depreciation (160,113) (15,413) (157)
Exchange differences (211,516) (196,257) (99,085)
Net book value at the end of period 4,074,458 4,370,475 4,449,913
====================================== =========== ============ ===========
6. Intangible assets
30 June 31 December 30 June
2018 2017 2017
GBP GBP GBP
Net book value at the beginning
of period 840,793 813,135 813,135
Additions 977 69,290 67,619
Transferred to mining asset - - -
Exchange differences (40,744) (41,632) (21,419)
Net book value at the end of period 801,026 840,793 859,335
====================================== =========== ============ ===========
Intangible assets represent capitalised costs associated with Group's
exploration, evaluation and development of
mineral resources.
7. Other financial assets
30 June 31 December 30 June
2018 2017 2017
Advances to acquire interest in
uranium project 456,061 445,596 463,077
456,061 445,596 463,077
========================================== =========== ============== ===========
Advances to acquire interest in uranium project represent payment
of $602,000 made in 2011 towards acquisition of 55% interest in the
Kamushanovsky uranium project in Kyrgyzstan translated using the prevailing
rate of exchange at the end of reporting period.
Eurasia Mining plc
Selected notes to the consolidated financial statements
for the six months ended 30 June 2018 (continued)
8. Share capital
30 June 31 December 30 June
2018 2017 2017
Issued ordinary shares with a
nominal value of 0.1p:
Number 2,030,585,874 1,847,847,150 1,404,954,237
Nominal value (GBP) 2,030,586 1,847,847 1,404,954
Fully paid ordinary shares carry one vote per
share and carry the right to dividends.
Issued deferred shares with a
nominal value of 4.9 p:
Number 143,377,203 143,377,203 143,377,203
Nominal value (GBP) 7,025,483 7,025,483 7,025,483
Deferred shares have the following rights and restrictions attached
to them:
- they do not entitle the holders to receive any dividends and distributions;
- they do not entitle the holders to receive notice or to attend or
vote at General Meetings of the Company;
- on return of capital on a winding up the holders of the deferred
shares are only entitled to receive the amount paid up on such shares
after the holders of the ordinary shares have received the sum of
0.1p for each ordinary share held by them and do not have any other
right to participate in the assets of the Company.
The increase in the Company's issued share capital during the reporting
period occurred as follows:
Ordinary shares Number of Share Share
shares capital premium
GBP GBP
Balance at 1 January 2018 1,847,847,150 1,847,847 17,749,704
Share placing for cash 172,216,666 172,217 344,433
Issue of ordinary share capital
for professional services
Shares issued under terms of financing
arrangements 10,522,058 10,522 25,253
Cost of issue of shares - (29,580)
Balance at 30 June 2018 2,030,585,874 2,030,586 18,089,810
========================================= =============== =============== ===============
Deferred shares Number of Deferred
deferred share
shares capital
GBP
Balance at 1 January and 30 June
2018 143,377,203 7,025,483
========================================= =============== =============== ===============
Eurasia Mining plc
Selected notes to the consolidated financial statements
for the six months ended 30 June 2018 (continued)
9. Reserves
30 June 31 December 30 June
2018 2017 2017
GBP GBP GBP
Capital redemption reserve 3,539,906 3,539,906 3,539,906
Foreign currency translation reserve (265,750) (340,848) (328,688)
Equity-based payment reserve 130,025 130,025 2,788
3,463,934 3,403,368 3,288,291
======================================== =========== ============ ===========
The capital redemption reserve was created as a result of a share
capital restructuring in earlier years. There is no policy of regular
transactions affecting the capital redemption reserve.
The foreign currency translation reserve represents exchange differences
relating to the translation from the functional currencies of the
Group's foreign subsidiaries into GBP.
The equity-based payments reserve represents a reserve arisen on (i)
the grant of share options to employees under the employee share option
plan and (ii) on issue of warrants under terms of professional service
agreements.
10. Borrowings
30 June 31 December 30 June
2018 2017 2017
GBP GBP GBP
Non-current
Convertible loan notes - - 389,802
----------------------------------------- ----------- ------------ -----------
- - 389,802
Current
Unsecured loan 46,862 49,654 50,633
Convertible loan notes 511,232 539,156 1,041,000
----------------------------------------- ----------- ------------ -----------
558,094 588,810 1,091,633
----------- ------------ -----------
558,094 588,810 1,481,435
======================================== =========== ============ ===========
Loan facilities in place in 2018
i) On 15 May 2017 the Company entered into a loan agreement with YA
II PN Ltd to borrow US$1,250,000. An implementation fee of US$112,900
was deducted from the principal amount on transfer of funds. Interest
applies on the loan at the rate of 14%.
The loan was repayable in 10 instalments with the final instalment
due on 15 May 2018.
As per the agreement the lender could elect, at its discretion, to
convert all or part of the loan, including accrued interest, into
shares in the Company, at a price being the lower of 0.60p per share
and 90% of the Company's lowest daily volume weighted average price
(the "VWAP") during the five days prior to conversion.
In addition, the agreement includes the issue of the warrants to the
lender at 50% cover of the principal amount, and at a 20% premium
to the VWAP in the 30 days preceding the agreement. Consequently the
Company issued 80,749,333 warrants at an exercise price of 0.6p per
warrant. The warrants issued had a subscription period of three years.
Eurasia Mining plc
Selected notes to the consolidated financial statements
for the six months ended 30 June 2018 (continued)
In December 2017 the repayment schedule for the then outstanding amount of the loan was revised and the final maturity date was changed to 15 September 2018. Following the revision the lender could elect, at its discretion, to convert all or part of the loan, including accrued interest, into shares in the Company, at a price being the lower of 0.34p per share and 90% of the Company's lowest daily VWAP during the five days prior to conversion. The Company also incurred a restructure fee of $99,500 being 10% of the then outstanding principal, payable at maturity date. In addition the previously issued warrants were cancelled and replaced with 109,196,618 warrants at a 20% premium to the VWAP in the 30 days preceding the agreement, which priced at 0.34p. The subscription period of new warrants remained unchanged. The warrants were exercised by the lender in August 2018. The lender also opted to convert the outstanding loan into the Company's shares in September 2018. ii) On 3 February 2017 the Group entered into unsecured loan facility to borrow up to 57 million Russian Rubles (RR) at 14% per annum, from Region Metal, the then subcontractor and West Kytlim mine operator. The Group had drawn RR 4.18 million and repaid RR0.3 million in 2017. As the subcontractor's arrangements had been discontinued the Group has no intention to utilise any more funds from this facility. The loan maturity date is 31 December 2019.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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