Eurasia raises $20m for Russian JV
Palladium and platinum junior Eurasia Mining on Thursday announced a private placement of $20-million to fund its joint venture (JV) with Rosgeo, in Russia.
The London-listed miner will place 53.31-million shares and warrants to a single investor at 26.5p each, raising £14.13-million, or $20-million.
"The directors are delighted that an institutional investor is providing finance at the market price of 26.5p without a discount to help us develop further new projects in the low-cost openpit mining district of Kola where, via Rosgeo JV, we have significantly advanced our presence in both PGMs and battery metals.
“The board is confident that this strategic financing allows us to take Rosgeo JV to the next level, while Eurasia and its advisers are focused on advancing our strategy as announced on May 12, 2021,” commented executive chairperson Christian Schaffalitzky.
On May 12, Eurasia said that it had decided to exit its formal sale process, after it had received several proposals from a credible party for the potential acquisition of substantially all the company’s assets.
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