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After nine days Eurasia must make a statement and put the rumours to bed

By Tom Winnifrith, The Sheriff of AIM | Thursday 20 February 2020


Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.


Nine days ago shares in Eurasia Mining (EUA), having rocketed to 7.3p were suspended following “social media” comments which we revealed to be a suggestion that after months of promising to sign an engagement letter with Chinese bank CITIC, that it had signed and was well on the way to making massive disposals. Since then amid a lack of news there has been nothing and he rumour mill is in overdrive. A statement on some of the rumours is needed now as some investors fear they may lose everything while others consider how many Porsches they will be buyng. So what are the rumours?

  1. That CITIC has signed an engagement letter. Well surely this is simple, it either has or has not signed. Why does it take 9 days to still not establish that and make a statement?

  2. That disposal negotiations are advanced and will see cash received well in excess of the current share price. Again surely this is not to hard to comment on?

  3. That Nomad WH Ireland has tried to resign. That is easy to comment on. Apparently WH Ireland stopped acting as a market maker a week before suspension which may be the cause of this rumour.

  4. That the nomad of last resort SP Angel, which likes acting for companies that disgrace themselves in prvate chatrooms, is in negotiations to take this on to add to the stable of dogs it represents. Again easy to confirm or deny.

  5. That founder director Christian Schaffalitzky has either resigned or tried to resign but certainly doesn’t want to be involved anymore. On this matter Christian denied to me last week that he had quit but a formal confirmation of this would be helpful.

  6. That NED Dmitry Suschov, the man who ordered hapless PR gopher the Sith Lord Zak Mir to post unsubstantiated claims about him buying 20% of the equity on a private chatroom, was now in control. Again, that is east to comment on.

  7. That the FCA and or AIM Regulation are now undertaking an enquiry into the company, its claims and statements made by or at the behest of directors. Again that would be easy to deny or confirm  

I have no knowledge about the veracity of any of these claims bar the denial by Christian that as of last week, he had quit. If some rumours are true the shares will at some stage come back from suspension and will rocket, if others are true the equity looks like it is toast.

The shares remain suspended so it is not as if there is a disorderly market but there is massive uncertainty and a statement should be made as a matter of urgency to end that in order to maintain confidence in the “world’s most successful growth market” as the AIM Casino likes to be described.



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