14th Oct 2014 15:07
LONDON (Alliance News) - Eurasia Mining PLC Tuesday said it has completed a subscription to new shares to raise general working capital for the company.
Eurasia has sold approximately 29.4 million shares for 1 pence each to Mispare Ltd, equating to GBP294,000 and representing an 89% premium on its share price at the time, said the company in a statement.
Eurasia shares were up 36% to 0.645 pence per share Tuesday afternoon.
As a result, Mispare have acquired a 2.76% stake of Eurasia, which will use the funds it has raised for general working capital purposes, it said.
Mispare was introduced to Eurasia by an existing shareholder, Luncroft Holdings Ltd. Eurasia have transferred its 20% direct interest in the Terskaya Mining Co to Luncroft for assisting the company in securing new investments, said Eurasia.
Eurasia retains the remaining 80% stake in Terskaya through one of its subsidiaries. Terskaya holds the Monchetundra exploration licence in the Kola Peninsula in north-west Russia. It generates no profits and is currently recorded in Eurasia's annual accounts as having no value.
"We are delighted that Luncroft has brought a new investor into the company," said Eurasia Managing Director Christian Schaffalitsky.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Eurasia Mining