Eurasia Mining secures $2m in funding
JOHANNESBURG (miningweekly.com) – Aim-listed Eurasia Mining has entered into new funding facilities for about $2-million with three parties, including its existing funding provider Sanderson Capital Partners.
The funds will be used for working capital.
The loan agreement entered into with Sanderson in December 2016 for £1-million, has been repaid and a new facility comprising a principal amount of £250 000 has been arranged with Sanderson over a 12-month term.
The Sanderson loan agreement is interest fee and is repayable by May 12, 2018.
Eurasia has applied for immediate drawdown of the Sanderson loan, and accordingly a drawdown fee of 15%, and a 5% legal and documentation fee for a total of £50 000 are now due.
Under the terms of the loan agreement, the loan must be used for working capital purposes and Sanderson has the right to convert all or part of the loan into ordinary shares of the company at a price of 0.475p a share.
Eurasia secured a further investment of $500 000 from Eurasia nonexecutive director Dmitry Suschov.
Lastly, it signed an agreement, arranged through London-based institution Riverfort Global Capital, with a consortium of investors, including Cuart Growth Capital Fund I and YA II PN, for $1.25-million.
The loan agreement, which is repayable in May 2018, was executed with YA as the lead investor.
Eurasia Mining is developing three Russia-based platinum group metals and gold projects located in the West Kytlim, in the Central Urals; Monchetundra, on the Kola peninsula; and Semenovsky, in the Southern Urals.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Immersive Technologies is the world's largest, proven and tested supplier of simulator training solutions to the global resources industry.
VISIT SHOWROOM
FlameBlock is a proudly South African company that engineers, manufactures and supplies fire intumescent and retardant products to the fire...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
