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| Date/Time | Headline | Source |
|---|---|---|
| 1 | ||
| 05-11-09 | RNS |
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RNS Number : 0671C Eurasia Mining PLC 05 November 2009 Eurasia Mining plc ("Eurasia" or the "Company") Issue of Equity The Company is pleased to announce that it has received notice that existing shareholders are to exercise 25,634,868 warrants over ordinary shares of 0.1p each at a price of 1p per share (the "Warrant Shares"). These Warrants were issued to shareholders pursuant to the re-structuring of the Company on 29 June 2009. Application will be made for the Warrant Shares to be admitted to trading on AIM and dealings in these shares are expected to commence on 11 November 2009. The total number of issued ordinary shares in the Company, including the Warrant Shares, will then be 356,126,068 Ordinary Shares. For more information please contact: Eurasia Mining Christian Schaffalitzky / Michael de Villiers Tel: +44 (0) 207 932 0418
This information is provided by RNS The company news service from the London Stock Exchange END
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| 30-10-09 | RNS |
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RNS Number : 6747B Eurasia Mining PLC 30 October 2009 Eurasia Mining plc (the "Company") Total Voting Rights For the purposes of the Financial Services Authority's Disclosure and Transparency Rules, the total number of ordinary shares of 0.1p each in the capital of the Company in issue as at the date of this notice is 330,491,200 with each share carrying the right to one vote. There are no shares held in treasury. Therefore, the total number of voting rights in the Company is 330,491,200. The above figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency Rules. For more information please contact: Katy Mitchell, WH Ireland Limited Tel: +44 161 832 2174 This information is provided by RNS The company news service from the London Stock Exchange END
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| 07-10-09 | RNS |
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RNS Number : 4078A Eurasia Mining PLC 07 October 2009 Eurasia Mining plc ("Eurasia" or the "Company") Issue of Equity The Company is pleased to announce that it has received notice that existing shareholders are to exercise 287,193 warrants over ordinary shares of 0.1p each at a price of 1p per share (the "Warrant Shares"). These Warrants were issued to shareholders pursuant to the re-structuring of the Company on 29 June 2009. Application will be made for the Warrant Shares to be admitted to trading on AIM and dealings in these shares are expected to commence on 13 October 2009. The total number of issued ordinary shares in the Company, including the Warrant Shares, will then be 330,491,200 Ordinary Shares. For more information please contact: Eurasia Mining Christian Schaffalitzky / Michael de Villiers Tel: +44 (0) 207 932 0418
This information is provided by RNS The company news service from the London Stock Exchange END
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| 30-09-09 | RNS |
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RNS Number : 8950Z Eurasia Mining PLC 30 September 2009 Eurasia Mining plc (the "Company") Total Voting Rights For the purposes of the Financial Services Authority's Disclosure and Transparency Rules, the total number of ordinary shares of 0.1p each in the capital of the Company in issue as at the date of this notice is 330,204,007 with each share carrying the right to one vote. There are no shares held in treasury. Therefore, the total number of voting rights in the Company is 330,204,007. The above figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency Rules. For more information please contact: Katy Mitchell, WH Ireland Limited Tel: +44 161 832 2174 This information is provided by RNS The company news service from the London Stock Exchange END
TVRKGGZLKLVGLZM More |
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| 28-09-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 7182Z
Eurasia Mining PLC
28 September 2009
Eurasia Mining plc
("Eurasia" or the "Company")
Interim results for the 6 months ended 30 June 2009
Chairman's statement
During the first six months of 2009 the Company undertook a full capital reorganisation which was successfully completed during June 2009. Preparatory work for this commenced in October 2008. However, frequent delays, mainly regulatory in nature, were encountered during the process. Despite these setbacks, the outcome is that the Company is now completely free of any debt and has a substantial warrant and option package in the hands of all shareholders. This provides all shareholders with the opportunity to participate in the financing of the Company at the same price as the debt conversion price.
Another outcome of the capital reorganisation is that Deloan Investments has become our largest shareholder, holding a 37.9% interest at the end of September 2009. We welcome their participation and gratefully acknowledge their ongoing support during these difficult financial times that we have all endured. The total number of shares in issue has increased during September 2009 to 330,204,007, with outstanding warrants and options totalling 275,079,110.
Following a substantial decline in PGM prices, the Company decided to take a major write down of exploration costs relating to the cessation of work on the Baronskoe palladium-gold project, which has been under continuous exploration since 1998. While two open pit resources have been delineated within the licence area, the current palladium price renders them uneconomic using conventional technologies for ore processing.
As shareholders know, it is our ambition to expand activities in Russia beyond the current platinum group element focus (in particular our venture with Anglo Platinum) into other commodities such as gold. The move to broaden and diversify our exposure has to some extent been slowed by the requirement to work using reduced expenditure levels.
Despite on-going challenges, we have made excellent progress at our West Kytlim platinum project in the Urals. Initial reserves have been approved for the Bolshaya Sosnovka area with the pre-feasibility study confirming viability of the project. Certification has been awarded to our operating company officially recognising the discovery of platinum placers. Certification is a key ingredient in the process of obtaining a mining licence, required before a company can commence production. Full documentation in support of the application for this licence was submitted in June. We now await feedback from the various statutory bodies involved in the process in the issue of this licence.
In parallel, drilling has continued on additional new areas within the existing exploration licence area, targeting the progressive expansion of platinum resources and reserves.
In Kola, fieldwork was limited due to budgetary cutbacks. We are examining options for two licence areas held by our joint venture, including the potential of introducing new partners to support exploration efforts into the future.
Looking forward, I am hopeful that at long last development plans for the West Kytlim project are reaching fruition. The timescale is still uncertain due to the permitting process but we look forward to seeing first platinum metal production in the near future.
Dr. Michael Martineau
Chairman
For more information please contact:
Eurasia Mining
Christian Schaffalitzky/ Michael de Villiers Tel +44 (0) 207 932 0418
W H Ireland Ltd
Katy Mitchell Tel +44 (0) 161 832 2174
Tavistock Communications
Allan Piper/ Nick Peters/ Paul Young Tel +44 (0) 207 920 3150
Condensed consolidated statement of comprehensive income
6 months to 12 months to 6 months to
30 June 31 December 30 June
2009 2008 2008
(unaudited) (audited) (unaudited)
Impairment loss 5 (1,116,921) - -
Administrative costs (380,787) (569,158) (281,743)
Result from equity accounted 6 341 (737,826) (19,532)
investments
Finance income 37 13,038 9,550
Finance costs (191,170) (209,386) (61,564)
Other financial results (333,246) 669,404 28,585
Loss before tax (2,021,746) (833,928) (324,704)
Income tax expense - - -
Loss for the period (2,021,746) (833,928) (324,704)
Other comprehensive income/(loss):
Exchange differences on 135,772 (818,560) 87,331
translation of foreign operations
- - -
Other comprehensive income/(loss) 135,772 (818,560) 87,331
for the period, net of tax
Total comprehensive loss for the (1,885,974) (1,652,488) (237,373)
period
Loss for the period attributable
to:
Equity holders of the parent (1,919,209) (900,114) (324,950)
Minority interest (102,537) 66,186 246
(2,021,746) (833,928) (324,704)
Total comprehensive loss for the
period attributable to:
Equity holders of the parent (1,628,657) (1,714,744) (237,543)
Minority interest (257,317) 62,256 170
(1,885,974) (1,652,488) (237,373)
Basic and diluted loss (pence per (0.87) (0.64) (0.23)
share)
Condensed consolidated statement of financial position
Note As at As at As at
30 June 31December 30 June
2009 2008 2008
(unaudited) (audited) (unaudited)
ASSETS
Non-current assets
Property, plant and equipment 4 26,605 29,269 28,711
Intangible assets 5 - 1,272,982 888,681
Investments in equity 6 19,495 50,498 1,326,732
accounted investees
Other financial assets 118,676 135,396 125
Total non-current assets 164,776 1,488,145 2,244,249
Current assets
Inventories 611 1,369 2,027
Trade and other receivables 28,350 25,296 40,472
Cash and bank balances 364,664 594,321 538,428
Total current assets 393,625 620,986 580,927
Total assets 558,401 2,109,131 2,825,176
EQUITY
Capital and reserves
Issued capital 7 15,581,693 14,089,409 14,123,535
Reserves 8 3,244,014 3,267,032 4,083,818
Accumulated losses (18,746,714) (16,872,373) (16,346,376)
Equity attributable to equity 78,993 484,068 1,860,977
holders of the parent
Minority interest - 2,855 (59,231)
Total equity 78,993 486,923 1,801,746
LIABILITIES
Non-current liabilities
Borrowings 9 - 332,609 272,511
Total non-current liabilities - 332,609 272,511
Current liabilities
Trade and other payables 479,408 576,893 541,350
Borrowings 9 - 712,706 209,569
Total current liabilities 479,408 1,289,599 750,919
Total liabilities 479,408 1,622,208 1,023,430
Total equity and liabilities 558,401 2,109,131 2,825,176
These financial statements were approved by the Board on 28 September 2009.
Condensed statement of changes in equity
For the six months ended 30 June 2008
Attributable to owners of the company
Note Share Share premium Deferred shares Other reserves Translation reserve Accumulated losses Total Minority interest Total equity
capital
Balance at 1 January 2008 7,053,819 7,020,549 - 3,624,721 71,488 (16,021,426) 1,749,151 (59,401) 1,689,750
Reversal of un-used equity 8 - 49,167 - (49,167) - - - -
component of convertible loan
notes
Recognition of equity 8 - - - 104,876 - - 104,876 - 104,876
component of convertible loan
notes
Recognition of warrants 8 - - - 244,493 - - 244,493 - 244,493
granted
Transaction with owners - 49,167 - 300,202 - - 349,369 - 349,369
Loss for the period - - - - - (324,950) (324,950) 170 (324,780)
Other comprehensive
income/(loss)
Exchange differences on - - - - 87,407 - 87,407 - 87,407
translation of foreign
operations
Total comprehensive loss - - - - 87,407 (324,950) (237,543) 170 (237,373)
for the period ended 30 June
2008
Balance at 30 June 2008 7,053,819 7,069,716 - 3,924,923 158,895 (16,346,376) 1,860,977 (59,231) 1,801,746
Condensed statement of changes in equity
For the six months ended 30 June 2009
Attributable to owners of the company
Note Share Share premium Deferred shares Other reserves Translation reserve Accumulated losses Total Minority interest Total equity
capital
Balance at 1 January 2009 7,068,860 7,020,549 - 4,010,174 (743,142) (16,872,373) 484,068 2,855 486,923
Share capital restructure 7 (7,025,483) - 7,025,483 - - - - - -
Issue of share capital 7 254,184 1,238,100 - - - - 1,492,284 - 1,492,284
Recognition of equity 8 - - - 21,726 - - 21,726 - 21,726
component of convertible loan
notes
Utilised equity component of 8 - - - (120,527) - - (120,527) - (120,527)
convertible loan notes on
conversion
Reversal of un-used equity 8 - - - (44,868) - 44,868 - - -
component of convertible loan
notes
Reversal of share-based 8 - - - (12,574) - - (12,574) - (12,574)
payment reserve
Setting off minority 97,135 97,135
shareholder loan
Transaction with owners (6,771,299) 1,238,100 7,025,483 (156,243) - 44,868 1,380,909 97,135 1,478,044
Loss for the period (1,919,209) (1,919,209) (102,537) (2,021,746)
Other comprehensive
income/(loss)
Exchange differences on - - - - 133,225 - 133,225 2,547 135,772
translation of foreign
operations
Total comprehensive loss - - - - 133,225 (1,919,209) (1,785,984) (99,990) (1,885,974)
for the period ended 30 June
2008
Balance at 30 June 2009 297,561 8,258,649 7,025,483 3,853,931 (609,917) (18,746,714) 78,993 - 78,993
Condensed consolidated statement of cash flows
6 months to 12 months to 6 months to
30 June 31 December 30 June
2009 2008 2008
(unaudited) (audited) (unaudited)
Cash flows from operating
activities
Profit/(loss) for the period (2,021,746) (833,928) (324,704)
Adjustments for:
Depreciation and amortisation of 1,236 1,907 1,484
non-current assets:
(Gain)/loss on sale or disposal (129) - -
of property, plant and equipment
Impairment of intangible assets 1,116,921 - -
recognised in profit or loss
(Gain)/loss on disposal of - (26,427) (26,427)
investments
Share of (profit)/loss of joint - 603,341 18,278
venture
Share of (profit)/loss of (341) 134,485 1,254
associates
Net foreign exchange (gain)/loss 333,375 (642,977) (2,158)
Investment revenue recognised in (37) (13,038) (9,550)
profit or loss
Finance costs recognised in 191,170 209,386 61,564
profit or loss
Expense recognised in profit or 17,426 - -
loss in respect of equity-settled
share-based payments
(362,125) (567,251) (280,259)
Movements in working capital
Decrease/(increase) in 758 (1,369) (2,027)
inventories
(Increase)/decrease in trade and (3,054) 102,212 87,003
other receivables
(Decrease)/increase in trade and (97,485) 362,532 329,736
other payables
Cash (used in)/generated from (461,906) (103,876) 134,453
operations
Interest paid (9,679) (32,088) (22,408)
Net cash (used in)/ generated by (471,585) (135,964) 112,045
operating activities
Cash flows from investing
activities
Proceeds from sale of investment - 92,379 92,379
securities
Amounts advanced to related - (135,223) -
parties
Payments for property, plant and (841) (2,708) (1,199)
equipment
Payments for other intangible (5,058) (82,122) (24,338)
assets
Proceeds from disposal of 609 370 -
property, plant and equipment
Interest received 37 8,766 9,550
Net cash (used in)/generated by (5,253) (118,538) 76,392
investing activities
Cash flows from financing
activities
Proceeds from issue of 247,500 738,250 243,250
convertible loan notes
Net cash generated by financing 247,500 738,250 243,250
activities
Effects of exchange rate changes (319) 3,844 12
on the balance of cash held in
foreign currencies
Net (decrease)/increase in cash (229,657) 487,592 431,699
and cash equivalents
Cash and cash equivalents at the 594,321 106,729 106,729
beginning of period
Cash and cash equivalents at the 364,664 594,321 538,428
end of the period
Selected notes to the condensed consolidated financial statements
for the six months ended 30
June 2009
1. General information
Eurasia Mining Plc (the "Company") is a public limited company incorporated and domiciled in Great
Britain with its registered office and principal place of business at Suite 139, Grosvenor Gardens House,
35-37 Grosvenor Gardens, London SW1W 0BS. The Company's shares are listed on the Alternative Investment
Market of the London Stock Exchange. The principal activities of the Company and its subsidiaries (the
"Group") are related to the exploration for and development of platinum group metals, gold and other
minerals in Russia.
Eurasia Mining Plc's condensed consolidated interim financial statements are presented in Pounds Sterling
(£), which is also the functional currency of the parent company.
The financial information set out in these condensed consolidated interim financial statements does not
constitute statutory accounts as defined in Section 435 of the Companies Act 2006. The Group's statutory
financial statements for the year ended 31 December 2008, prepared under International Financial
Reporting Standards (the "IFRS"), have been filed with the Registrar of Companies. The auditor's report
on those financial statements was qualified. The report did not contain a statement under Section 237(2)
of the Companies Act 1985.
2. Basis of preparation
The Group prepares consolidated financial statements in accordance with International Financial Reporting
Standards (IFRS) issued by the International Accounting Standards Board (IASB) ,as endorsed by the
European Union (EU). These condensed consolidated interim financial statements for the period ended 30
June 2009 have been prepared by applying the recognition and measurement provisions of IFRS and the
accounting policies adopted in the audited accounts for the year ended 31 December 2008
These financial statements have been prepared under the historical cost convention.
The accounting policies have been applied consistently throughout the Group for the purposes of
preparation of these condensed consolidated interim financial statements.
3. Accounting policies
Except as described below, the accounting policies applied are consistent with those of the annual
financial statements for the year ended 31 December 2008, as described in those annual financial
statements.
The following new standards and amendments to standards are mandatory for the first time for the
financial year beginning 1 January 2009:
* IAS 1 (revised), "Presentation of financial statements". The revised standard prohibits the
presentation of items of income and expenses (that is "non-owner changes in equity") in the statement of
changes in equity, requiring "non-owner changes in equity" to be presented separately from owner changes
in equity. All "non-owner changes in equity" are required to be shown in a performance statement.
Entities can choose whether to present one performance statement (the statement of comprehensive income)
or two statements (the income statement and statement of comprehensive income).
The group has elected to present one statement: the statement of comprehensive income. The interim
financial statements have been prepared under the revised disclosure requirements.
The following new standards, amendments to standards and interpretations are mandatory for the first time
for the financial year beginning 1 January 2009, but are not currently relevant for the group:
- IAS 23 (amendment), "Borrowing costs".
- IFRS 2 (amendment), "Share-based payment".
- IAS 32 (amendment), "Financial instruments: Presentation".
- IFRIC 13, "Customer loyalty programmes".
- IFRIC 15, "Agreements for the construction of real estate".
- IFRIC 16, "Hedges of a net investment in a foreign operation".
- IAS 39 (amendment), "Financial instruments: Recognition and measurement".
The following new standards, amendments to standards and interpretations have been issued, but are not
effective for the financial year beginning 1 January 2009 and have not been early adopted:
- IFRS 3 (revised), "Business combinations" and consequential amendments to IAS 27, "Consolidated and
separate financial statements", IAS 28, "Investments in associates" and IAS 31, "Interests in joint
ventures", effective prospectively to business combinations for which the acquisition date is on or after
the beginning of the first annual reporting period beginning on or after 1 July 2009. Management is
assessing the impact of the new requirements regarding acquisition accounting, consolidation, joint
ventures and associates on the group.
The revised standard continues to apply the acquisition method to business combinations, with some
significant changes. For example, all payments to purchase a business are to be recorded at fair value at
the acquisition date, with contingent payments classified as debt subsequent
4. Additions and disposals of property, plant and equipment
30 June 31 December 30 June
2009 2008 2008
£ £ £
Net book value at the 29,269 28,128 28,128
beginning of period
Additions 841 2,708 1,199
Disposals (480) (370) -
Depreciation (1,236) (1,907) (1,484)
Exchange differences (1,789) 710 868
Net book value at the end of 26,605 29,269 28,711
period
5. Additions and disposals of intangible assets
30 June 31 December 30 June
2009 2008 2008
£ £ £
Net book value at the 1,272,982 863,348 863,348
beginning of period
Additions 5,058 82,122 24,338
Exchange differences (161,119) 327,512 995
Impairment loss (1,116,921) - -
Net book value at the end of - 1,272,982 888,681
period
Provision for impairment loss has been made in respect of the palladium-gold project at
Baronskoe.
6. Investments in equity
accounted investees
Equity accounted investees represent (i) 50% interests in a Urals Alluvial Platinum Limited (the "UAP")
group and (ii) a 20% direct interest in certain companies, which are, in turn, 80% owned by the UAP. By
arrangements between the parties the Company does not have the power to exert control in proportion to its
total holding in those companies and therefore the 20% interest is being accounted for as an interest in
associates.
30 June 31 December 30 June
2009 2008 2008
£ £ £
Investments in joint venture
Net book value at the - 911,839 911,839
beginning of period
Group's recognised share of - (603,341) (18,278)
losses
Exchange differences - (308,498) 60,088
- - 953,649
Investments in associates
Net book value at the 50,498 345,458 345,458
beginning of period
Group's recognised share of 341 (134,485) (1,254)
profit/(losses)
Exchange differences (31,344) (160,475) 28,879
19,495 50,498 373,083
Net book value at the end of 19,495 50,498 1,326,732
period
7. Share capital
30 June 31 December 30 June
2009 2008 2008
Ordinary shares with a 0.1 p 5.0 p 5.0 p
nominal value of:
Authorised:
Number 17,974,517,053 500,000,000 500,000,000
Nominal value (£) 17,974,517 25,000,000 25,000,000
Issued and fully paid:
Number 297,560,964 141,377,203 141,076,380
Nominal value (£) 297,561 7,068,860 7,053,819
Deferred shares with a
nominal value of 4.9 p:
Authorised and issued and
fully paid:
Number 143,377,203 - -
Nominal value (£) 7,025,483 - -
Preference shares at £1:
Authorised:
Number 50,000 50,000 50,000
Nominal value (£) 50,000 50,000 50,000
Fully paid ordinary shares carry one vote per share and carry the right to dividends.
In June 2009, at a General Meeting of the Company, shareholders approved capital restructure proposals
whereby each of the existing issued shares of 5p each in the capital of the Company were subdivided and
converted into one new ordinary share of 0.1 p and one deferred share of 4.9p.
Deferred shares have attached to them the following rights and restrictions:
- they do not entitle the holders to receive any dividends and distributions;
- they do not entitle the holders to receive notice or to attend or vote at General Meetings of the Company;
- on return of capital on a winding up the holders of the Deferred Shares are only entitled to receive the
amount paid up on such shares after the holders of the Ordinary Shares have received the sum of 0.1p for each
Ordinary Share held by them and do not have any other right to participate in the assets of the Company.
The change in the Company's issued share capital during the reporting period occurred as follows:
Ordinary shares Number of shares Share Share
capital premium
£ £
Balance at 01 January 2009 141,377,203 7,068,860 7,020,549
Issue of shares for consulting 2,000,000 100,000 (70,000)
services
Value transferred to deferred (7,025,483) -
share capital
Conversion of loan notes 154,183,761 154,184 1,308,100
Balance at 30 June 2009 297,560,964 297,561 8,258,649
Deferred shares Number of deferred Deferred share
shares capital
£
Balance at 01 January 2009 - -
Transferred from share 143,377,203 7,025,483
capital account
Balance at 30 June 2009 143,377,203 7,025,483
8. Reserves
30 June 31 December 30 June
2009 2008 2008
£ £ £
Capital redemption reserve 3,539,906 3,539,906 3,539,906
Foreign currency translation (609,917) (743,142) 158,895
reserve
Share-based payment reserve 314,025 326,599 280,141
Equity component of - 143,669 104,876
convertible loan notes
3,244,014 3,267,032 4,083,818
The capital redemption reserve was created as a result of a share capital restructuring in earlier years.
There is no policy of regular transactions affecting the capital redemption reserve.
The foreign currency translation reserve represents exchange differences relating to the translation from the
functional currencies of the Group's foreign subsidiaries into GBP.
The share-based payments reserve represents (i) a reserve arising on the grant of share options to employees
under the employee share option plan, (ii) a reserve arising on the grant of warrants under the terms of
professional service agreements and (iii) a reserve arising on the grant of warrants under the terms of an
issue of convertible loan notes.
The equity component on convertible loan notes represents the value of conversion rights of the convertible
notes issued in 2006-2008.
9. Borrowings
30 June 31 December 30 June
2009 2008 2008
£ £ £
Non-current
Minority shareholder loan - 110,824 80,439
Convertible loan notes - 221,785 192,072
- 332,609 272,511
Current
Convertible loan notes - 712,706 209,569
- 1,045,315 482,080
All convertible loan notes have been converted into ordinary shares in the Company.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SESFMISUSEFU
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| 28-09-09 | RNS |
|
This news article is displayed preformatted as it may contain results tables
RNS Number : 7182Z
Eurasia Mining PLC
28 September 2009
Eurasia Mining plc
("Eurasia" or the "Company")
Interim results for the 6 months ended 30 June 2009
Chairman's statement
During the first six months of 2009 the Company undertook a full capital reorganisation which was successfully completed during June 2009. Preparatory work for this commenced in October 2008. However, frequent delays, mainly regulatory in nature, were encountered during the process. Despite these setbacks, the outcome is that the Company is now completely free of any debt and has a substantial warrant and option package in the hands of all shareholders. This provides all shareholders with the opportunity to participate in the financing of the Company at the same price as the debt conversion price.
Another outcome of the capital reorganisation is that Deloan Investments has become our largest shareholder, holding a 37.9% interest at the end of September 2009. We welcome their participation and gratefully acknowledge their ongoing support during these difficult financial times that we have all endured. The total number of shares in issue has increased during September 2009 to 330,204,007, with outstanding warrants and options totalling 275,079,110.
Following a substantial decline in PGM prices, the Company decided to take a major write down of exploration costs relating to the cessation of work on the Baronskoe palladium-gold project, which has been under continuous exploration since 1998. While two open pit resources have been delineated within the licence area, the current palladium price renders them uneconomic using conventional technologies for ore processing.
As shareholders know, it is our ambition to expand activities in Russia beyond the current platinum group element focus (in particular our venture with Anglo Platinum) into other commodities such as gold. The move to broaden and diversify our exposure has to some extent been slowed by the requirement to work using reduced expenditure levels.
Despite on-going challenges, we have made excellent progress at our West Kytlim platinum project in the Urals. Initial reserves have been approved for the Bolshaya Sosnovka area with the pre-feasibility study confirming viability of the project. Certification has been awarded to our operating company officially recognising the discovery of platinum placers. Certification is a key ingredient in the process of obtaining a mining licence, required before a company can commence production. Full documentation in support of the application for this licence was submitted in June. We now await feedback from the various statutory bodies involved in the process in the issue of this licence.
In parallel, drilling has continued on additional new areas within the existing exploration licence area, targeting the progressive expansion of platinum resources and reserves.
In Kola, fieldwork was limited due to budgetary cutbacks. We are examining options for two licence areas held by our joint venture, including the potential of introducing new partners to support exploration efforts into the future.
Looking forward, I am hopeful that at long last development plans for the West Kytlim project are reaching fruition. The timescale is still uncertain due to the permitting process but we look forward to seeing first platinum metal production in the near future.
Dr. Michael Martineau
Chairman
For more information please contact:
Eurasia Mining
Christian Schaffalitzky/ Michael de Villiers Tel +44 (0) 207 932 0418
W H Ireland Ltd
Katy Mitchell Tel +44 (0) 161 832 2174
Tavistock Communications
Allan Piper/ Nick Peters/ Paul Young Tel +44 (0) 207 920 3150
Condensed consolidated statement of comprehensive income
6 months to 12 months to 6 months to
30 June 31 December 30 June
2009 2008 2008
(unaudited) (audited) (unaudited)
Impairment loss 5 (1,116,921) - -
Administrative costs (380,787) (569,158) (281,743)
Result from equity accounted 6 341 (737,826) (19,532)
investments
Finance income 37 13,038 9,550
Finance costs (191,170) (209,386) (61,564)
Other financial results (333,246) 669,404 28,585
Loss before tax (2,021,746) (833,928) (324,704)
Income tax expense - - -
Loss for the period (2,021,746) (833,928) (324,704)
Other comprehensive income/(loss):
Exchange differences on 135,772 (818,560) 87,331
translation of foreign operations
- - -
Other comprehensive income/(loss) 135,772 (818,560) 87,331
for the period, net of tax
Total comprehensive loss for the (1,885,974) (1,652,488) (237,373)
period
Loss for the period attributable
to:
Equity holders of the parent (1,919,209) (900,114) (324,950)
Minority interest (102,537) 66,186 246
(2,021,746) (833,928) (324,704)
Total comprehensive loss for the
period attributable to:
Equity holders of the parent (1,628,657) (1,714,744) (237,543)
Minority interest (257,317) 62,256 170
(1,885,974) (1,652,488) (237,373)
Basic and diluted loss (pence per (0.87) (0.64) (0.23)
share)
Condensed consolidated statement of financial position
Note As at As at As at
30 June 31December 30 June
2009 2008 2008
(unaudited) (audited) (unaudited)
ASSETS
Non-current assets
Property, plant and equipment 4 26,605 29,269 28,711
Intangible assets 5 - 1,272,982 888,681
Investments in equity 6 19,495 50,498 1,326,732
accounted investees
Other financial assets 118,676 135,396 125
Total non-current assets 164,776 1,488,145 2,244,249
Current assets
Inventories 611 1,369 2,027
Trade and other receivables 28,350 25,296 40,472
Cash and bank balances 364,664 594,321 538,428
Total current assets 393,625 620,986 580,927
Total assets 558,401 2,109,131 2,825,176
EQUITY
Capital and reserves
Issued capital 7 15,581,693 14,089,409 14,123,535
Reserves 8 3,244,014 3,267,032 4,083,818
Accumulated losses (18,746,714) (16,872,373) (16,346,376)
Equity attributable to equity 78,993 484,068 1,860,977
holders of the parent
Minority interest - 2,855 (59,231)
Total equity 78,993 486,923 1,801,746
LIABILITIES
Non-current liabilities
Borrowings 9 - 332,609 272,511
Total non-current liabilities - 332,609 272,511
Current liabilities
Trade and other payables 479,408 576,893 541,350
Borrowings 9 - 712,706 209,569
Total current liabilities 479,408 1,289,599 750,919
Total liabilities 479,408 1,622,208 1,023,430
Total equity and liabilities 558,401 2,109,131 2,825,176
These financial statements were approved by the Board on 28 September 2009.
Condensed statement of changes in equity
For the six months ended 30 June 2008
Attributable to owners of the company
Note Share Share premium Deferred shares Other reserves Translation reserve Accumulated losses Total Minority interest Total equity
capital
Balance at 1 January 2008 7,053,819 7,020,549 - 3,624,721 71,488 (16,021,426) 1,749,151 (59,401) 1,689,750
Reversal of un-used equity 8 - 49,167 - (49,167) - - - -
component of convertible loan
notes
Recognition of equity 8 - - - 104,876 - - 104,876 - 104,876
component of convertible loan
notes
Recognition of warrants 8 - - - 244,493 - - 244,493 - 244,493
granted
Transaction with owners - 49,167 - 300,202 - - 349,369 - 349,369
Loss for the period - - - - - (324,950) (324,950) 170 (324,780)
Other comprehensive
income/(loss)
Exchange differences on - - - - 87,407 - 87,407 - 87,407
translation of foreign
operations
Total comprehensive loss - - - - 87,407 (324,950) (237,543) 170 (237,373)
for the period ended 30 June
2008
Balance at 30 June 2008 7,053,819 7,069,716 - 3,924,923 158,895 (16,346,376) 1,860,977 (59,231) 1,801,746
Condensed statement of changes in equity
For the six months ended 30 June 2009
Attributable to owners of the company
Note Share Share premium Deferred shares Other reserves Translation reserve Accumulated losses Total Minority interest Total equity
capital
Balance at 1 January 2009 7,068,860 7,020,549 - 4,010,174 (743,142) (16,872,373) 484,068 2,855 486,923
Share capital restructure 7 (7,025,483) - 7,025,483 - - - - - -
Issue of share capital 7 254,184 1,238,100 - - - - 1,492,284 - 1,492,284
Recognition of equity 8 - - - 21,726 - - 21,726 - 21,726
component of convertible loan
notes
Utilised equity component of 8 - - - (120,527) - - (120,527) - (120,527)
convertible loan notes on
conversion
Reversal of un-used equity 8 - - - (44,868) - 44,868 - - -
component of convertible loan
notes
Reversal of share-based 8 - - - (12,574) - - (12,574) - (12,574)
payment reserve
Setting off minority 97,135 97,135
shareholder loan
Transaction with owners (6,771,299) 1,238,100 7,025,483 (156,243) - 44,868 1,380,909 97,135 1,478,044
Loss for the period (1,919,209) (1,919,209) (102,537) (2,021,746)
Other comprehensive
income/(loss)
Exchange differences on - - - - 133,225 - 133,225 2,547 135,772
translation of foreign
operations
Total comprehensive loss - - - - 133,225 (1,919,209) (1,785,984) (99,990) (1,885,974)
for the period ended 30 June
2008
Balance at 30 June 2009 297,561 8,258,649 7,025,483 3,853,931 (609,917) (18,746,714) 78,993 - 78,993
Condensed consolidated statement of cash flows
6 months to 12 months to 6 months to
30 June 31 December 30 June
2009 2008 2008
(unaudited) (audited) (unaudited)
Cash flows from operating
activities
Profit/(loss) for the period (2,021,746) (833,928) (324,704)
Adjustments for:
Depreciation and amortisation of 1,236 1,907 1,484
non-current assets:
(Gain)/loss on sale or disposal (129) - -
of property, plant and equipment
Impairment of intangible assets 1,116,921 - -
recognised in profit or loss
(Gain)/loss on disposal of - (26,427) (26,427)
investments
Share of (profit)/loss of joint - 603,341 18,278
venture
Share of (profit)/loss of (341) 134,485 1,254
associates
Net foreign exchange (gain)/loss 333,375 (642,977) (2,158)
Investment revenue recognised in (37) (13,038) (9,550)
profit or loss
Finance costs recognised in 191,170 209,386 61,564
profit or loss
Expense recognised in profit or 17,426 - -
loss in respect of equity-settled
share-based payments
(362,125) (567,251) (280,259)
Movements in working capital
Decrease/(increase) in 758 (1,369) (2,027)
inventories
(Increase)/decrease in trade and (3,054) 102,212 87,003
other receivables
(Decrease)/increase in trade and (97,485) 362,532 329,736
other payables
Cash (used in)/generated from (461,906) (103,876) 134,453
operations
Interest paid (9,679) (32,088) (22,408)
Net cash (used in)/ generated by (471,585) (135,964) 112,045
operating activities
Cash flows from investing
activities
Proceeds from sale of investment - 92,379 92,379
securities
Amounts advanced to related - (135,223) -
parties
Payments for property, plant and (841) (2,708) (1,199)
equipment
Payments for other intangible (5,058) (82,122) (24,338)
assets
Proceeds from disposal of 609 370 -
property, plant and equipment
Interest received 37 8,766 9,550
Net cash (used in)/generated by (5,253) (118,538) 76,392
investing activities
Cash flows from financing
activities
Proceeds from issue of 247,500 738,250 243,250
convertible loan notes
Net cash generated by financing 247,500 738,250 243,250
activities
Effects of exchange rate changes (319) 3,844 12
on the balance of cash held in
foreign currencies
Net (decrease)/increase in cash (229,657) 487,592 431,699
and cash equivalents
Cash and cash equivalents at the 594,321 106,729 106,729
beginning of period
Cash and cash equivalents at the 364,664 594,321 538,428
end of the period
Selected notes to the condensed consolidated financial statements
for the six months ended 30
June 2009
1. General information
Eurasia Mining Plc (the "Company") is a public limited company incorporated and domiciled in Great
Britain with its registered office and principal place of business at Suite 139, Grosvenor Gardens House,
35-37 Grosvenor Gardens, London SW1W 0BS. The Company's shares are listed on the Alternative Investment
Market of the London Stock Exchange. The principal activities of the Company and its subsidiaries (the
"Group") are related to the exploration for and development of platinum group metals, gold and other
minerals in Russia.
Eurasia Mining Plc's condensed consolidated interim financial statements are presented in Pounds Sterling
(£), which is also the functional currency of the parent company.
The financial information set out in these condensed consolidated interim financial statements does not
constitute statutory accounts as defined in Section 435 of the Companies Act 2006. The Group's statutory
financial statements for the year ended 31 December 2008, prepared under International Financial
Reporting Standards (the "IFRS"), have been filed with the Registrar of Companies. The auditor's report
on those financial statements was qualified. The report did not contain a statement under Section 237(2)
of the Companies Act 1985.
2. Basis of preparation
The Group prepares consolidated financial statements in accordance with International Financial Reporting
Standards (IFRS) issued by the International Accounting Standards Board (IASB) ,as endorsed by the
European Union (EU). These condensed consolidated interim financial statements for the period ended 30
June 2009 have been prepared by applying the recognition and measurement provisions of IFRS and the
accounting policies adopted in the audited accounts for the year ended 31 December 2008
These financial statements have been prepared under the historical cost convention.
The accounting policies have been applied consistently throughout the Group for the purposes of
preparation of these condensed consolidated interim financial statements.
3. Accounting policies
Except as described below, the accounting policies applied are consistent with those of the annual
financial statements for the year ended 31 December 2008, as described in those annual financial
statements.
The following new standards and amendments to standards are mandatory for the first time for the
financial year beginning 1 January 2009:
* IAS 1 (revised), "Presentation of financial statements". The revised standard prohibits the
presentation of items of income and expenses (that is "non-owner changes in equity") in the statement of
changes in equity, requiring "non-owner changes in equity" to be presented separately from owner changes
in equity. All "non-owner changes in equity" are required to be shown in a performance statement.
Entities can choose whether to present one performance statement (the statement of comprehensive income)
or two statements (the income statement and statement of comprehensive income).
The group has elected to present one statement: the statement of comprehensive income. The interim
financial statements have been prepared under the revised disclosure requirements.
The following new standards, amendments to standards and interpretations are mandatory for the first time
for the financial year beginning 1 January 2009, but are not currently relevant for the group:
- IAS 23 (amendment), "Borrowing costs".
- IFRS 2 (amendment), "Share-based payment".
- IAS 32 (amendment), "Financial instruments: Presentation".
- IFRIC 13, "Customer loyalty programmes".
- IFRIC 15, "Agreements for the construction of real estate".
- IFRIC 16, "Hedges of a net investment in a foreign operation".
- IAS 39 (amendment), "Financial instruments: Recognition and measurement".
The following new standards, amendments to standards and interpretations have been issued, but are not
effective for the financial year beginning 1 January 2009 and have not been early adopted:
- IFRS 3 (revised), "Business combinations" and consequential amendments to IAS 27, "Consolidated and
separate financial statements", IAS 28, "Investments in associates" and IAS 31, "Interests in joint
ventures", effective prospectively to business combinations for which the acquisition date is on or after
the beginning of the first annual reporting period beginning on or after 1 July 2009. Management is
assessing the impact of the new requirements regarding acquisition accounting, consolidation, joint
ventures and associates on the group.
The revised standard continues to apply the acquisition method to business combinations, with some
significant changes. For example, all payments to purchase a business are to be recorded at fair value at
the acquisition date, with contingent payments classified as debt subsequently re-measured through the
statement of comprehensive income. There is a choice on an acquisition-by-acquisition basis to measure
the minority interest in the acquiree either at fair value or at the minority interest's proportionate
share of the acquiree's net assets. All acquisition-related costs should be expensed. The group will
apply IFRS 3 (revised) to all business combinations from 1 January 2010.
- IFRIC 17, "Distributions of non-cash assets to owners", effective for annual periods beginning on or
after 1 July 2009. This is not currently applicable to the group, as it has not made any non-cash
distributions.
- IFRIC 18, "Transfers of assets from customers", effective for transfers of assets received on or after
1 July 2009. This is not relevant to the group, as it has not received any assets from customers.
4. Additions and disposals of property, plant and equipment
30 June 31 December 30 June
2009 2008 2008
£ £ £
Net book value at the 29,269 28,128 28,128
beginning of period
Additions 841 2,708 1,199
Disposals (480) (370) -
Depreciation (1,236) (1,907) (1,484)
Exchange differences (1,789) 710 868
Net book value at the end of 26,605 29,269 28,711
period
5. Additions and disposals of intangible assets
30 June 31 December 30 June
2009 2008 2008
£ £ £
Net book value at the 1,272,982 863,348 863,348
beginning of period
Additions 5,058 82,122 24,338
Exchange differences (161,119) 327,512 995
Impairment loss (1,116,921) - -
Net book value at the end of - 1,272,982 888,681
period
Provision for impairment loss has been made in respect of the palladium-gold project at
Baronskoe.
6. Investments in equity
accounted investees
Equity accounted investees represent (i) 50% interests in a Urals Alluvial Platinum Limited (the "UAP")
group and (ii) a 20% direct interest in certain companies, which are, in turn, 80% owned by the UAP. By
arrangements between the parties the Company does not have the power to exert control in proportion to its
total holding in those companies and therefore the 20% interest is being accounted for as an interest in
associates.
30 June 31 December 30 June
2009 2008 2008
£ £ £
Investments in joint venture
Net book value at the - 911,839 911,839
beginning of period
Group's recognised share of - (603,341) (18,278)
losses
Exchange differences - (308,498) 60,088
- - 953,649
Investments in associates
Net book value at the 50,498 345,458 345,458
beginning of period
Group's recognised share of 341 (134,485) (1,254)
profit/(losses)
Exchange differences (31,344) (160,475) 28,879
19,495 50,498 373,083
Net book value at the end of 19,495 50,498 1,326,732
period
7. Share capital
30 June 31 December 30 June
2009 2008 2008
Ordinary shares with a 0.1 p 5.0 p 5.0 p
nominal value of:
Authorised:
Number 17,974,517,053 500,000,000 500,000,000
Nominal value (£) 17,974,517 25,000,000 25,000,000
Issued and fully paid:
Number 297,560,964 141,377,203 141,076,380
Nominal value (£) 297,561 7,068,860 7,053,819
Deferred shares with a
nominal value of 4.9 p:
Authorised and issued and
fully paid:
Number 143,377,203 - -
Nominal value (£) 7,025,483 - -
Preference shares at £1:
Authorised:
Number 50,000 50,000 50,000
Nominal value (£) 50,000 50,000 50,000
Fully paid ordinary shares carry one vote per share and carry the right to dividends.
In June 2009, at a General Meeting of the Company, shareholders approved capital restructure proposals
whereby each of the existing issued shares of 5p each in the capital of the Company were subdivided and
converted into one new ordinary share of 0.1 p and one deferred share of 4.9p.
Deferred shares have attached to them the following rights and restrictions:
- they do not entitle the holders to receive any dividends and distributions;
- they do not entitle the holders to receive notice or to attend or vote at General Meetings of the Company;
- on return of capital on a winding up the holders of the Deferred Shares are only entitled to receive the
amount paid up on such shares after the holders of the Ordinary Shares have received the sum of 0.1p for each
Ordinary Share held by them and do not have any other right to participate in the assets of the Company.
The change in the Company's issued share capital during the reporting period occurred as follows:
Ordinary shares Number of shares Share Share
capital premium
£ £
Balance at 01 January 2009 141,377,203 7,068,860 7,020,549
Issue of shares for consulting 2,000,000 100,000 (70,000)
services
Value transferred to deferred (7,025,483) -
share capital
Conversion of loan notes 154,183,761 154,184 1,308,100
Balance at 30 June 2009 297,560,964 297,561 8,258,649
Deferred shares Number of deferred Deferred share
shares capital
£
Balance at 01 January 2009 - -
Transferred from share 143,377,203 7,025,483
capital account
Balance at 30 June 2009 143,377,203 7,025,483
8. Reserves
30 June 31 December 30 June
2009 2008 2008
£ £ £
Capital redemption reserve 3,539,906 3,539,906 3,539,906
Foreign currency translation (609,917) (743,142) 158,895
reserve
Share-based payment reserve 314,025 326,599 280,141
Equity component of - 143,669 104,876
convertible loan notes
3,244,014 3,267,032 4,083,818
The capital redemption reserve was created as a result of a share capital restructuring in earlier years.
There is no policy of regular transactions affecting the capital redemption reserve.
The foreign currency translation reserve represents exchange differences relating to the translation from the
functional currencies of the Group's foreign subsidiaries into GBP.
The share-based payments reserve represents (i) a reserve arising on the grant of share options to employees
under the employee share option plan, (ii) a reserve arising on the grant of warrants under the terms of
professional service agreements and (iii) a reserve arising on the grant of warrants under the terms of an
issue of convertible loan notes.
The equity component on convertible loan notes represents the value of conversion rights of the convertible
notes issued in 2006-2008.
9. Borrowings
30 June 31 December 30 June
2009 2008 2008
£ £ £
Non-current
Minority shareholder loan - 110,824 80,439
Convertible loan notes - 221,785 192,072
- 332,609 272,511
Current
Convertible loan notes - 712,706 209,569
- 1,045,315 482,080
All convertible loan notes have been converted into ordinary shares in the Company.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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| 14-09-09 | RNS |
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RNS Number : 9882Y Eurasia Mining PLC 14 September 2009 Eurasia Mining plc ("Eurasia" or the "Company") Issue of Equity The Company is pleased to announce that it has raised £25,000 by way of a placing of 2,500,000 new ordinary shares of 0.1p each ("Placing Shares") at 1p per share (the "Placing"). Application will be made for the Placing Shares to be admitted to AIM and dealings in the Placing Shares is expected to commence on 17 September 2009. . The total number of issued ordinary shares in the Company, including the Placing Shares, will be 330,204,007 Ordinary Shares . The proceeds of the Placing will be used to fund the ongoing exploration activities of the Company. For more information please contact: Eurasia Mining Christian Schaffalitzky / Michael de Villiers Tel: +44 (0) 207 932 0418
This information is provided by RNS The company news service from the London Stock Exchange END
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| 03-09-09 | RNS |
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RNS Number : 4751Y Eurasia Mining PLC 03 September 2009 Eurasia Mining plc ("Eurasia" or the "Company") Issue of Equity The Company is pleased to announce that it has received notice that existing shareholders are to exercise 98,225 warrants over ordinary shares of 0.1p each at a price of 1p per share (the "Warrant Shares"). These Warrants were issued to shareholders pursuant to the re-structuring of the Company on 29 June 2009. Application will be made for the Warrant Shares to be admitted to trading on AIM and dealings in these shares are expected to commence on 10 September 2009. . The total number of issued ordinary shares in the Company, including the Warrant Shares, will then be 327,704,007 Ordinary Shares. For more information please contact:
Christian Schaffalitzky / Michael de Villiers
This information is provided by RNS The company news service from the London Stock Exchange END
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| 28-08-09 | RNS |
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RNS Number : 1398Y Eurasia Mining PLC 28 August 2009 Eurasia Mining plc ("Eurasia" or the "Company") Issue of Equity The Company is pleased to announce that it has received notice that Deloan Investment Limited is to exercise 25,000,000 warrants over ordinary shares of 0.1p each at a price of 1p per share (the "Warrants") raising £250,000. At the same time, the Company has received notice of exercise of a further 44,818 Warrants, which were issued to shareholders pursuant to the re-structuring of the Company on 29 June 2009. The total number of shares to be issued pursuant to the exercise of Warrants is 25,044,818 ordinary shares (the "Warrant Shares") Application will be made for the Warrant Shares to be admitted to trading on AIM and dealings in these shares are expected to commence on 7 September 2009. . The total number of issued ordinary shares in the Company, including the Warrant Shares, will then be 327,605,782 Ordinary Shares. The proceeds of the Warrant will be used to fund the ongoing exploration activities of the Company. Following the issue of the Warrant Shares, Dmitry Suchov, who is a director of the Company and the sole director and shareholder of Deloan Investment Limited, will have an interest in 125,000,000 ordinary shares representing 38.16% of the total issued share capital of the Company. For more information please contact: Eurasia Mining Christian Schaffalitzky / Michael de Villiers Tel: +44 (0) 207 932 0418
This information is provided by RNS The company news service from the London Stock Exchange END
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| 26-08-09 | RNS |
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RNS Number : 0624Y Eurasia Mining PLC 26 August 2009 Eurasia Mining plc ("Eurasia" or the "Company") Issue of Equity The Company is pleased to announce that it has raised £50,000 by way of a placing of 5,000,000 new ordinary shares of 0.1p each ("Placing Shares") at 1p per share (the "Placing"). Application will be made for the Placing Shares to be admitted to AIM and dealings in the Placing Shares are expected to commence on 4 September 2009. The total number of issued ordinary shares in the Company, including the Placing Shares, will be 302,560,964 Ordinary Shares. The proceeds of the Placing will be used to fund the ongoing exploration activities of the Company. For more information please contact:
Eurasia Mining
Christian Schaffalitzky / Michael de Villiers Tel: +44 (0) 207 932 0418
This information is provided by RNS The company news service from the London Stock Exchange END
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