Make Kitco Your Homepage

Eurasia Mining comments on Alexei Churakov induced share price collapse

Kitco News

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(Kitco News) - Strange goings-on at Eurasia Mining (EUA:LSE). The company issued a report stating it has noted the adverse movement in the Company's share price yesterday, following the announcement of the trade yesterday for 27,400,000 shares by Alexei Churakov. They noted that Eurasia had received no notification of this trade prior to it being reported by Alexei Churakov himself via RNS on 27 January 2021.

The firm said he sold the shares to cover an urgent and critical cash call. There is no other information on his position at this time but the update noted he has no intention to sell his remaining shares and/or options. All the shares were acquired by Veles International, a subsidiary of an investment company Veles Capital.

The share price is now 33.25% higher on the daily chart. This is after the 38% decline in the price on Wednesday. The 20p per share level looks like it is an important support area and if the bulls manage to take the price above 28p the bull trend could be back on. Only 50% of the move has been pared as of yet and mining officianardos are keeping a close eye on this developing story. On the Twittersphere there are unconfirmed reports that Alexei Churakov has been involved with many mining acquisitions and this story is arousing suspicions but only time will tell.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.