Euromax Comments on Solway Press Release
Euromax Comments on Solway Press Release
VANCOUVER
,
April 26, 2019
/CNW/ -
Euromax Resources Ltd.,
April 26
,
2019
(TSX: EOX):
Euromax Resources Ltd. (
Euromax
or the
Company
) is aware that Solway Investment Group
GmbH yesterday issued a press release regarding a proposal relating to the Company, which
proposal has been received and considered by the Company.
As set out in the Company's news release of
March 22, 2019
, the Company has entered into a
legally binding private placement financing with one of its current major shareholders, Galena
Resource Equities Limited, an entity controlled and managed by Galena Asset Management S.A.,
which is an affiliate of Trafigura Pte Ltd., for gross proceeds of
CAD$9,188,040
(USD$6,900,000)
and with two other existing shareholders of the Company for gross proceeds of
CAD$1,102,565
(USD$828,000)
(collectively, the
Transaction
).
Closing of the Transaction is subject to the satisfaction of certain conditions, of which the only
material outstanding condition is the approval of the Macedonian Commission for Competition (the
Macedonia Competition Approval
). The Company has applied for the Macedonia Competition
Approval and the approval process is currently underway. The Company has no reason to believe
that it will not obtain the Macedonia Competition Approval within the time frame previously indicated.
The Company will provide an update once the Macedonia Competition Approval has been obtained
and the Transaction has closed. In light of the Transaction, the Company is not further exploring the
Solway proposal at this time and does not intend to comment further unless otherwise appropriate
or required by law.
About Euromax Resources Ltd.
Euromax is a minerals development company whose corporate strategy is centered on the
development of the Ilovica-Shtuka Project, the company's core copper and gold development project
located in
Macedonia
. Euromax, through its local subsidiaries, has been involved in the exploration
and development of a number projects in south-eastern
Europe
since
January 2011
.
Forward-Looking Information
This news release contains forward-looking information. Forward-looking statements include, but
are not limited to the completion of the Transaction, the use of proceeds from the Transaction,
implementation of the amendments to the Company's outstanding convertible debentures as
detailed in the Company's press release dated
March 22, 2019
(the
Debenture Amendments
), the
continued advancement of the Company's general business plan and the development of Ilovica-
Shtuka Project, and the receipt of all necessary government approvals and consents. When used
in this press release, the words "will", "shall", "anticipate", "believe", "estimate", "expect", "intent",
"may", "project", "plan", "should" and similar expressions may identify forward-looking statements.
Although Euromax believes that their expectations reflected in these forward looking statements
are reasonable, such statements involve risks and uncertainties and no assurance can be given
that actual results will be consistent with these forward-looking statements. Important factors that
could cause actual results to differ from these forward-looking statements include, but are not
limited to, the possibility that the Transaction will not be completed as contemplated, or at all,
because the necessary regulatory approvals, including the Macedonian Competition Approval, are
not received or other conditions to completion of the Transaction are not satisfied, the possibility
that the Company has to allocate proceeds to other uses or reallocate proceeds differently among
the anticipated uses due to changes in project parameters or other unforeseen circumstances
associated generally with the unpredictability of mining operations, the ability of the Company to
come to definitive agreements with the holders of debentures with respect to the implementation of
the Debenture Amendments, the ability to implement corporate strategies, the ability to obtain
financing as and when required and on reasonable terms, the risk that the development of the
Project may not proceed as anticipated, including the inability to obtain necessary government
approvals for its activities in a timely manner, political or economic instability in the jurisdiction in
which the Ilovica-Shtuka Project is located, changes in national and local government legislation,
regulation, and taxation, and other risks disclosed in our filings made with Canadian securities
regulators available on SEDAR at
www.sedar.com
. This list is not exhaustive of the factors that
may affect any of Euromax's forward-looking statements. Investors are cautioned not to put undue
reliance on forward-looking statements. Forward-looking statements contained herein are made as
of the date of this news release and Euromax disclaims any obligation to update any forward-
looking statements, whether as a result of new information, future events or results or otherwise,
except as required by applicable securities laws.
SOURCE
Euromax Resources
View original content:
http://www.newswire.ca/en/releases/archive/April2019/26/c4289.html
%SEDAR: 00009131E
For further information:
please visit www.euromaxresources.com or contact: Varshan Gokool,
President & Chief Executive Officer, +44 (0) 20 3918 5160, [email protected];
Martina Kostovska, Communications Manager, +389 2 3 220 998,
CO: Euromax Resources
CNW 11:00e 26-APR-19