Euromax Enters into Agreements to Extend Maturity Dates of Previously Issued Convertible Debentures
Euromax Enters into Agreements to Extend
Maturity Dates of Previously Issued
Convertible Debentures
TSXV: EOX
www.euromaxresources.com
VANCOUVER, BC
,
Feb. 28, 2024
/CNW/ -
Euromax Resources Ltd.
(TSXV: EOX): ("
Euromax
" or
the "
Company
"), announces that, further to its press release dated
February 6, 2024
, the Company
has obtained agreements from each of the European Bank for Reconstruction and Development
("
EBRD
") and CC Ilovitza Limited ("
CCC
"), an affiliate of Consolidated Contractors Company Group,
to extend the maturity dates of EBRD's and CCC's previously issued convertible debentures in the
aggregate principal amounts of
USD$5,000,000
and
CAD$5,200,000
, respectively, from February 28, 2024 to February 28, 2025 (collectively, the
"
Debenture Amendments
").
In order to comply with the requirements of the TSX Venture Exchange, EBRD and CCC have also
agreed that for as long as the Company is listed on the TSX Venture Exchange, any issuance of
shares pursuant to a conversion of accrued and unpaid interest under the convertible debentures and
of any fees under the EBRD convertible debenture will be subject to the policies of the TSX Venture
Exchange, including the requirement that such issuance would be subject to prior acceptance by the
TSX Venture Exchange and that such shares would be issued at a price that is not less than the
market price (as defined in the policies of the TSX Venture Exchange) at the time such accrued and
unpaid interest or fees become payable.
The Debenture Amendments do not make any changes to the conversion price applicable to principal
under the convertible debentures (
$0.15
per share) or to the applicable interest rate (20% for the
period from and including
April 30, 2018
to and excluding
March 31, 2019
and 7% for the period
from and including
March 31, 2019
to and excluding
February 28, 2025
).
In completing the Debenture Amendments, the Company is relying on the exemptions from the
formal valuation and minority approval requirements in Multilateral Instrument 61-101 –
Protection of
Minority Security Holders in Special Transactions
("
MI 61-101
") contained in sections 5.5(e) and
5.7(1)(c) of MI 61-101, respectively.
The Debenture Amendments remain subject to the final acceptance of the TSX Venture Exchange.
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 final
acceptance of the TSX Venture Exchange of the Debenture Amendments and to any
additional number of Common Shares which may be issuable to the holders
of such debentures in connection with the Debenture Amendments. 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, 2022
and financial statements
and related MD&A for the financial years ended
December 31, 2022
and 2021, and the unaudited
condensed consolidated interim financial statements for the three and nine months ended
September
30, 2023
and 2022 along with the accompanying MD&A, 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/February2024/28/c2887.html
%SEDAR: 00009131E
For further information:
please visit www.euromaxresources.com or contact: Tim Morgan-Wynne,
Executive Chairman, +44 20 3918 5160, [email protected]
CO: Euromax Resources Ltd.
CNW 07:55e 28-FEB-24