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Eurasia Mining PLC - palladium, platinum, rhodium, iridium and gold miner - Enters into trade finance loan agreement with Sanderson Capital Partners Ltd for up to £2.5 million. The funds are to provide the firm with ‘working capital finance’. Chair Christian Schaffalitzky pledges 94.6 million of his shares in firm as collateral for loan. The loan is interest fee and repayable by August 29 of next year. Sanderson may convert the loan at an average conversion price of 2.7p per share, a 17% premium to Eurasia Mining’s share price on June 28, the last trading day before suspension. The stock was suspended at the start of July as it did not report 2023 results in time. It releases these results on Friday.
Pretax loss in 2023 narrows to £6.7 million from £7.2 million in 2022. Sales improve markedly to £2.1 million from £119,525.
‘The calendar year 2023 was a quiet one for the company, in that all our efforts were focused on the possible sale of our Russian assets. To date there has been interest, but it is clear that the Ukraine crisis continues to hang over our businesses there. Nevertheless, we have ensured that the group complies with all sanctions legislation and we continue to monitor the ever-changing situation,’ it says.
Current stock price: 2.31 pence
12-month change: down 16%
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