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Eurasia Mining PLC - RESTORATION OF TRADING ON AIM

RNS Number : 4583S
Eurasia Mining PLC
09 July 2020
 

9 July 2020

 

EURASIA MINING PLC 

("Eurasia" or "the Company") 

restoration of trading on aim 

Eurasia Mining plc, the palladium, platinum, rhodium, iridium and gold producing company, operating the established West Kytlim Mine in the Urals, and also the operator of the Monchetundra Project comprising two predominantly palladium open pit deposits located 3km away from Severonickel, one of Norilsk Nickel's largest base metals and PGM processing facilities, near the town of Monchegorsk on the Kola Peninsula, clarifies the status of the Company's relationship with CITIC Merchant Co Limited ("CITIC Merchant"), and is pleased to announce restoration to trading of the Company's ordinary shares on the AIM market and the launch of a formal sale process under the UK Takeover Code. 

The Company confirms that it has entered into a success fee based engagement letter with CITIC Merchant to, amongst other things, explore possible strategic options for the Company's mining assets. 

launch of formal sale process under the takeover code 

As per the announcement released by the Company on 1 July 2020, the Board has appointed UBS Investment Bank ("UBS") as its leading adviser to assist in a review of its strategic options including asset sales or a sale of the Company. For more details please refer to the RNS released on 1 July 2020.  

In summary, the Company now has success fee based engagement letters signed with UBS and CITIC Merchant, and Eurasia's relationship with VTB Capital continues to be as previously announced on 25 November 2019. 

There can be no guarantee that any transaction, regarding either a sale of the Company or particular asset(s), will occur. 

RESTORATION OF TRADING ON AIM 

The Company expects trading in the ordinary shares of the Company on the AIM market to be restored to trading at 7:30 am on 9 July 2020. 

Christian Schaffalitzky, Executive Chairman of Eurasia, commented: "The Board remains focused on maximising shareholder value, and, after receiving approaches from multiple parties interested in acquiring the Company's assets, has decided that launching a formal sale process under the Takeover Code is in the best interests of shareholders, which could result in a sale of assets or the Company. The Company will work with UBS and its other advisers to execute the process." 

ENQUIRIES: 

Eurasia Mining Plc

Christian Schaffalitzky / Keith Byrne

+44 (0) 20 7932 0418

 

SP Angel Corporate Finance LLP (Nomad and Joint Broker)

Ewan Leggat / David Hignell / Soltan Tagiev

+44 (0) 20 3470 0470

 

Optiva Securities (Joint Broker)

Christian Dennis

+44 (0) 20 3137 1902

 

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: Eurasia Mining PLC

Price: -

Market: AIM
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