19th Aug 2020 08:26
(Alliance News) - Eurasia Mining PLC on Tuesday announced the completion of a 33.9 million share placing at 22.5 pence per share, raising GBP7.6 million, or around USD10 million.
The proceeds will be used towards scaling up the production of West Kytlim mine in Russia.
The palladium, platinum, rhodium, iridium and gold producing company also said mining and production operations are ongoing with no adverse impact expected from the Covid-19 pandemic.
A definitive feasibility study by GeoInvestProject for all resources on the West Kytlim mine permit was commissioned and is being progressed through the approvals process.
Executive Chair Christian Schaffalitzky said: "The directors are delighted at the advances made at both of our world class projects in 2020 and at the progress with receiving our predecessors' data, including an extensive 48,405 meter drilling campaign completed at NKT, a part of the Flanks area.
"We are also encouraged that institutional investors are investing at the market price. This fact, together with our production expansion plans and the progress on our license applications, strengthen our position in the formal sale process that we are focused on now."
Shares in Eurasia Mining were trading 0.7% lower at 22.60 pence each on Wednesday morning in London.
By Greg Roxburgh; [email protected]
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