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News Release |
Eurasia closes $1 million private placement Aberdeenshire, UK Scotland, August 8, 2007 Eurasia Energy Limited (“Eurasia”) (OTC-BB:EUEN) announces that it has closed its private placement of 4 million units at $0.25 per unit. Each unit is comprised of one share and one warrant which is exercisable into one additional share at $0.25 per share until August 1, 2009. The units, shares and warrants issued on this private placement are restricted from trading until August 1, 2008. No new affiliates or control persons were created as a result of this offering. Proceeds from this private placement will be used in part to fund the costs of Eurasia's defense in the legal action which has been commenced against Eurasia and its CEO in the Scottish Court of Session. This legal action is scheduled to be heard over a three week period commencing August 28, 2007 in Edinburgh. Eurasia also announces that it has filed an S-4 Registration Statement with the SEC. This Registration Statement will re-register all of Eurasia's issued and authorized shares in advance of Eurasia continuing its jurisdiction of incorporation from Nevada to Anguilla BWI. Eurasia currently has no assets, management or operations in the U.S.A. Management is seeking to move Eurasia to a jurisdiction which is easily accessible from Europe and North America, which is tax efficient and in which management has familiarity and operational experience. Shareholder and Board approval for the transfer of Eurasia's jurisdiction to Anguilla BWI was obtained in December 2006. Management expects to effect the transfer to Anguilla within 30 days of receipt of approval of the S-4 from the SEC. BY ORDER OF THE BOARD “(signed) Nicholas W. Baxter” Nicholas W. Baxter President, C.E.O. and Director Forward-Looking Statements This news release may include certain forward-looking statements including, but not limited to, projections of revenue, income or loss and capital expenditures, statements regarding future operations, financing needs, plans relating to products or services of the Company, assessments of materiality, predictions of future events and the effects of pending and possible litigation, as well as assumptions relating to the foregoing. In addition, when used in this discussion, the words “anticipates'', “believes'', “estimates'', “expects'', “intends'', “plans'', “should'', and variations thereof and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are subject to various risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors, including but not limited to the Company's ability to manage rapid growth as a result of internal expansion and strategic acquisitions, the impact of competitive products and pricing, product demand and market acceptance, new product development, reliance on key strategic alliances, the regulatory environment, fluctuations in operating results and other risks. "Safe Harbor'' statement under the Private Securities Litigation Reform Act of 1995 This release contains forward-looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of competitive products and pricing, product demand and market acceptance, new product development, reliance on key strategic alliances, availability of raw materials, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission. |
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