Shares in Eurasia Mining (EUA) rocketed to 7p in early trade forcing a statement which has seen them crash back to 4p but even that values the company at £135 million which is insane. There is something very odd going on.
Eurasia Mining (EUA) is still pretending after almost five years that somebody may bid for the company or its assets. Whatever you say fellas. Most folks think there is more chance of me shagging Cheryl Cole than of any bid emerging but some people like to be deluded. But what Eurasia cannot spin its way out of is that it faces an imminent cash crisis. Remember…
You will remember that former lawyers to spoof company Eurasia Mining (EUA), the form of Gowrings, threatened a winding up order if a payment of £108,000 was not made. Eurasia sat on the bad news until THIS ARTICLE forced it to ‘fess up. Today Eurasia dissembles.
Evil Banksta has, as have I, called the spoof Eurasia Mining (EUA) perfectly, naturally attracting stacks of criticism from the Bulletin Board savants. My target price, as I explained earlier HERE, is essentially 0p. But what does the great one say?
"Oh dear, oh dear," as my old pal “old Mother” Mike Walters used to say as another of his disastrous tips went wrong. I am not sure he ever tipped Eurasia Mining (EUA) but as Mr. Minmet it would be very much his sort of bag. Today’s statement is a disaster on all counts. It is hard to know where to start but let’s begin with the bid spoof.
This time, as you can see below, it is, for the second time, up against large shareholder Queeld Ventures, a dodgy outfit Lucian Miers flagged up as being of concern HERE.
I am sure that there is a perfectly innocent explanation for all of this but law firm Gowlings appears to have launched a winding up petition against Eurasia Mining (EUA) more than a week ago.
Eurasia Mining (EUA) boss Christian Schaffalitzky exercised options over 6million shares at 0.42p. Those options would have lapsed today. There is nothing wrong with that is there. Surely there is!
This week we celebrate the official anniversary of AIM’s largest ever fake takeover. Four years ago, on 24 October 2019, Eurasia Mining (EUA) blew the starting whistle with an RNS that would ultimately see its market cap inflated from just under £10 million to a peak of £1.2 billion. During that time, whilst supposedly seeking to sell its assets, Eurasia placed to raise funds three times, raising a total of $45 million from shareholders. All that money has gone now!
So how much cash is left? The maths is not that hard. At June 30th it was c£1.69 million. But Eurasia Mining (EUA) sent c£3.2 million to money heaven in H1 so, ceteris paribus, by the end of the first week of October, all the money will be gone. Of course it is not quire that simple.
The maths is not hard. And at some stage soon Eurasia Mining (EUA) needs to come clean. Let me show you why the position is now critical.
During the past three years, Eurasia Mining (EUA) has pretended that it is in receipt of serious bid interest for its cash guzzling insignificant PGM assets in Russia, assets where the cost of mining is, per oz, greater than the price metals are sold for. Using this ruse to push up the share price it has managed to get away three placings at share prices which are a multiple of where the shares trade today. But now the money has almost run out.
And still, after three years, there is no bid for, rapidly running out of money, Eurasia Mining (EUA). There are already more red flags fluttering here than on a May Day parade on Moscow. And talking of dodgy Russians is there any reason why Eurasia has not illuminated us about a court case against some of Putin’s boys?
Younger readers than myself may have to do a google on the track from the Little River Band but the reference today is Eurasia Mining (EUA) as we have yet another anniversary in the great bid spoof. This matters as Eurasia rapidly runs out of cash. This is a one year anniversary. To recap:
