Eurasia Mining PLC is an international mineral exploration company, listed on the Alternative Investment Market (AIM), focussed on Russia. Eurasia’s stated objective is to explore for platinum group metals (PGMs) and gold through self-funded own exploration targets and joint venture partnerships with strategic operators and local partners. Operations are funded from the company’s own equity funds and funded joint venture agreements. Projects are subject to an initial evaluation for viability and once this is established further exploration work is carried out to feasibility study level. It is then the company’s intention to either proceed to develop the project to production or partner the project with a suitable operator.
RiverFort arranged a US$1.25 million loan agreement with Eurasia mining that had a repayment date of 15 May 2018 however this had the potential to be extended for 6 months with a fee of 6% of the then outstanding amount.
On the announcement of the deal Christian Schaffalitzky, Managing Director said:
“We feel our finances are now well arranged, especially in light of income from production at our West Kytlim Mine this year, in 2018 and for its projected 12-year life.”
Use of Proceeds
To provide sufficient working capital