As we were expecting, an RNS landed at 07:00 this morning from Eurasia Mining Plc regarding the "adverse movement in the Company's share price."
They confirm that the RNS that disturbed a countless number of investors was reported by Alexei Churokov himself. Eurasia had received no notification of the the trade prior to this RNS being released.
Eurasia confirm that they remain focused and continue to work on the Formal Sale Process and that the operations of the company are still ongoing with the Definitive Feasibility Study for West Kytlim which was formally approved on 21st January 2021.
It is the understanding that the sale of these shares were to cover an urgent and critical cash call and that all the shares sold were acquired by Veles International.
Alexei has no intentions to sell him remaining shares and/or options at this time.
Who are Veles International?
Veles Capital is one of the oldest Russian privately held investment companies providing financial services and access to Russian financial markets, private equity and real estate investing to corporate and high net worth individual investors.
What we now know
We now understand that the sale of the 27,400,00 ordinary shares was not attributed to the sale process of Eurasia Mining Plc.
The investors who rightly or wrongly assumed that the sale negotiations had collapsed can now rest assured that this is not the case.
On the plus side, the news that shock the investor community has generated plenty of online activity which could encourage additional buyers, potentially raising the share price above the £0.30 area of which we have been holding steady since the 5th January 2021.
At the time of publishing this post, the SP increased 50% to £0.27 from the start of the trading day.
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