24 November 2003 21:51
Eurasia plans GBP1m placing
Eurasia Mining, the Aim-quoted platinum exploration company, today plans to raise GBP1m to fund exploration and
development on new plays for platinum-group metals in north-western Russia, through a share placing with institutional
and private investors.
Eurasia has signed an exclusive agreement with a number of parties, including private Russian mining companies and
the Central Kola Expedition, which has worked in the region for more than 70 years, to acquire exploration interests on
the Kola Peninsula.
The Kola Exploration acreage comprises three licences covering 450 square kilometres on drilled and early stage
platinum-group metal targets.
The placing of about 14.6m new shares at 7p a share, which was oversubscribed, brings the total number of shares in
issue to about 83m.
Shares in Eurasia closed at 6lp on Friday. The investors who subscribed for the 7p shares have also acquired a
pro-rata number of shares at 5p from the disposal of the 29.9 per cent stake in Eurasia formerly held by the Framlington
Russian Investment Fund, which was part of the winding up of the closed-end fund.
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