Eurasia Mining (LON:EUA) shares have soared 75% this morning after announcing it had returned to AIM (Alternative Market Investment) after clarifying its relationship with Chinese company CITIC Co Limited.
The international mineral exploration company confirmed that its relationship with CITC was to explore possible strategic options for its mining assets.
Eurasia also confirmed that it has appointed UBS as its leading advisor to assist the company in reviewing its strategic options.
The company said it expects trading in ordinary shares on the AIM market “to be restored to trading at 7:30 am on 9 July 2020.”
“The Board remains focused on maximising shareholder value, and, after receiving approaches from multiple parties interested in acquiring the Company’s assets, has decided that launching a formal sale process under the Takeover Code is in the best interests of shareholders, which could result in a sale of assets or the Company. The Company will work with UBS and its other advisers to execute the process,” said Christian Schaffalitzky, the Executive Chairman of Eurasia Mining.
The firms share price is currently trading at 12.62p per share, up 75.69% on the day after an enormous move higher.