Euromax Announces Revocation of Cease Trade Order and Closing of Second and Final Tranche of Private Placement
Euromax Announces Revocation of Cease
Trade Order and Closing of Second and Final
Tranche of Private Placement
TSXV: EOX
www.euromaxresources.com
VANCOUVER, BC
,
May 7, 2024
/CNW/ -
Euromax Resources Ltd.
(TSXV: EOX): ("
Euromax
" or
the "
Company
") is pleased to announce that on
May 6, 2024
the Ontario Securities Commission
(the "
OSC
"), the Company's principal regulator, issued a full revocation of the failure-to-file cease
trade order that it previously issued against the Company dated
April 8, 2024
(the "
CTO
"). The
Revocation comes as a result of the Company filing the outstanding annual continuous disclosure
filings that had triggered the issuance of the CTO (the "
Annual Filings
"), as further described in the
Company's news release dated
May 3, 2024
. Copies of the Annual Filings are available on the
Company's SEDAR+ profile at
www.sedarplus.ca
. The Company intends to apply to the TSX
Venture Exchange (the "
TSXV
") for reinstatement for trading. However, there can be no assurance
of the outcome of the TSXV's reinstatement review.
The Company is also pleased to announce the closing of the second and final tranche (the "
Second
Tranche
") of the non-brokered private placement previously announced on
April 25, 2024
, for
aggregate gross proceeds of
C$164,473
, equal to
US$122,112
(as determined using the foreign
exchange rate as at
February 8, 2024
) and consisting of 8,223,645 units of the Company (the
"
Units
"), with each Unit consisting of one common share in the capital of the Company (each, a
"
Common Share
") and one Common Share purchase warrant (each, a "
Warrant
"), and each Unit
issued at an offering price of
C$0.02
(equal to
US$0.01485
) per Unit (the "
Private Placement
").
Each Warrant will entitle the holder to acquire one Common Share at an exercise price of
C$0.05
per Common Share for a period of five years following the closing of the Private Placement.
The Private Placement was completed in accordance with the terms of the previously announced
partial revocation order issued by the OSC on
April 25, 2024
in respect of the CTO.
The Company intends to file a material change report in respect of the Revocation and the closing of
the Second Tranche. The Company did not file a material change report more than 21 days before
the closing of the Second Tranche because it was subject to the CTO and hence could not engage in
acts in furtherance of a trade without first obtaining the Partial Revocation.
The Units issued under the Second Tranche are subject to a hold period of four months and one day
from the date of issuance in accordance with the policies of the TSXV and applicable securities
legislation, which expires on
September 7, 2024
.
Following the Private Placement, there are a total of 553,180,467 Common Shares issued and
outstanding.
The Private Placement remains subject to the final acceptance of the TSXV.
About Euromax Resources Ltd.
Euromax has a major development project in
North Macedonia
and is focused on building
and operating the Ilovica-Shtuka gold-copper project.
Forward-Looking Information
This news release contains statements that are forward-looking, such as those relating to the
Company's intention to apply for reinstatement on the TSXV and the actual reinstatement for trading
on the TSXV,. Forward-looking statements are frequently characterised by words such as "plan",
"expect", "project", "intend", "believe", "anticipate" and other similar
words, or statements that certain events or conditions "may" or "will" occur. Forward-looking
statements are based on the opinions and estimates of management at the dates the statements
are made, and are subject to a variety of risks and uncertainties and other factors that could cause
actual events or results to differ materially from those projected in the forward-
looking statements. This information is qualified in its entirety
by cautionary statements and risk factor disclosure contained in filings made by the Company,
including its annual information form for the year ended
December 31, 2023
and financial statements
and related MD&A for the financial years ended
December 31, 2023
and 2022, filed with the
securities regulatory authorities in certain provinces of
Canada
and available on SEDAR+ at
sedarplus.ca
. The forward-looking statements contained in this document are as of the date of this
document, and are subject to change after this date. Readers are cautioned that the assumptions
used in the preparation of such information, although considered reasonable at the time
of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on
forward-looking statements. Euromax disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information, future events or otherwise,
unless required by applicable law. Neither the TSX Venture Exchange nor its regulation services
provider accepts responsibility for the adequacy or accuracy of this news release.
SOURCE
Euromax Resources Ltd.
View original content:
http://www.newswire.ca/en/releases/archive/May2024/07/c9461.html
%SEDAR: 00009131E
For further information:
For more information, please visit www.euromaxresources.com or
contact: Tim Morgan-Wynne, Executive Chairman, +44 20 3918 5160,
CO: Euromax Resources Ltd.
CNW 09:54e 07-MAY-24