31st Mar 2008 15:11
Eurasia Mining PLC31 March 2008 Eurasia Mining plc ("Eurasia" or the "Company") Extension of Loan Notes Eurasia confirms that the holders of the unlisted Series A 8% ConvertibleRedeemable Loan Notes 2008 (the "Loan Notes") have today agreed to the followingamendments to the Loan Note Instrument, dated 31 March 2006, in respect of theLoan Notes: • the Redemption Date of the Loan Notes be extended for a period of 12 months in the case of Chase Nominees Limited and for 24 months for all other holders of the Loan Notes; and • the interest rate of the Loan Notes be increased from 8% to 12% per annum with effect from 31 March 2008. In addition, in further consideration of the Loan Notes being extended each LoanNote holder will receive warrants over 20 ordinary shares in the share capitalof the Company in respect of each £1 of Loan Note held. These warrants can beexercised at any time up to 36 months at a price of 5 p per ordinary share. The total value of the Loan Notes is £470,000 of which the directors of theCompany hold £150,000 as follows: • Mr Martineau, through his wife, holds £50,000 of Loan Notes; • Mr Fitzgerald holds £50,000 of Loan Notes; and • Mr Schaffalitzky holds £50,000 of Loan Notes. In the absence of any independent director, WH Ireland Limited, as nominatedadviser confirms that it believes that the terms of the transaction are fair andreasonable insofar as its shareholders are concerned. For further information, please contact: Christian Schaffalitzky, Eurasia Mining plc - 020 7495 4877David Youngman, WH Ireland Limited - 0161 832 2174 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Eurasia Mining