Eurasia Mining plc (LON: EUA) shares have surged on Thursday after the company said it has noted the adverse movement in its share price following the announcement of yesterday’s trade for 27.4 million shares by Alexei Churakov.
Eurasia said they received no notification of this trade before it was reported by Churakov himself.
The company is now making initial enquiries regarding the sale of its shares with Churakov saying he sold the stock to cover an urgent and critical cash call, although, he has no intention of selling his remaining shares or options.
The shares sold were acquired by Veles International, a subsidiary of an investment company, Veles Capital.
Veles is well-established, and one of the oldest professional institutional investors in Russia, with Eurasia noting the acquisition by Veles shows interest in the company by institutional investors.
The companies enquiries into the share sale will continue, it said.
Shares of Eurasia have surged since the announcement, rising over 54% to 27.26p per share. On Wednesday the firm's stock price fell to 14p, closing down 38.98%.
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