Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
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%.
Should you invest in Eurasia Mining shares? Eurasia Mining shares are traded on the AIM market of the London stock exchange (the alternative investment market) which is the sub market specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are Eurasia shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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