Eurasia Mining comments on Alexei Churakov induced share price collapse
(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.