22nd Apr 2015 07:16
LONDON (Alliance News) - Eurasia Mining PLC Wednesday said it has completed a strategic share placing to raise GBP515,700 to support its working capital requirements.
Eurasia said it has raised the funding by issuing 93.8 million shares at 0.55 pence per share, sending its shares down 23% in early trade to 0.6 pence.
"This fundraise was extremely important for the company as the additional financial strength it affords enables us to proactively pursue a number of initiatives in respect of existing assets and potential acquisitions," said Chief Executive Christian Schaffalitzky.
"I acknowledge that the placing, being at a discount to our market price, will be frustrating to existing holders. As a shareholder myself I can align myself with other shareholders in this regard. However, recognising the various forward plans of the business and the initiatives underway, the board and I felt this was the right decision," he added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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