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Eurasia Mining announces £500k equity raise to support ramp-up of key projects in Russia

Eurasia Mining has zero debt and expects to be cash positive this year
The placing was significantly oversubscribed

Eurasia Mining PLC (LON:EUA) has announced a £500,000 equity raise to support the ramp-up of its Monchetundra and West Kytlim developments in Russia.

The company said the placing, through broker Optiva Securities, was significantly oversubscribed.

READ: Eurasia Mining shares jump as it signs construction contract with Chinese company for the Monchetundra Project

The equity issue will help advance Monchetundra and West Kytlim, as well as diversify the group’s shareholder base.

Eurasia has zero debt and expects to be cash positive this year.

"We are delighted to work towards diversifying Eurasia's shareholder base to include Optiva's investors,” said chairman Christian Schaffalitzky.

“We believe the trust from such investors confirms that we are on the right track with our scale up of production at West Kytlim in 2018 and going forward.

“This placement will also further support the advancement of the Monchetundra project development, which we plan to do with our EPCF (engineering, procurement, construction and finance) partner Sinosteel MECC, where the land surveys as well as detailed design works are already ongoing.”

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