Euromax Provides Further Update on Previously Announced Transactions
Euromax Provides Further Update on
Previously Announced Transactions
VANCOUVER
,
March 8, 2019
/CNW/ -
Euromax Resources Ltd.,
(TSX: EOX; OTCQB: EOXFF):
(
Euromax
or the
Company
), announces that it is continuing to work towards the closing of its
previously announced non-brokered private placement financing to one of its current major
shareholders, Galena Resource Equities Limited, an entity controlled by Galena Asset Management
S.A., which is an affiliate of the Trafigura Pte. Ltd., for gross proceeds of
CAD$9,188,040
(USD$6,900,000)
(the
Private Placement
).
As was also previously announced, in connection with the Private Placement, Euromax was in
negotiations with the holders of its previously issued convertible debentures (the
Debentures
), the
European Bank for Reconstruction and Development (
EBRD
) and CC Ilovitza Limited (
CCC
), an
affiliate of Consolidated Contractors Company Group, to extend the maturity date of the Debentures
from
February 28, 2019
to
February 1, 2020
.
The Company has entered into agreements with each of EBRD and CCC to extend the maturity date
of the Debentures until
March 22, 2019
while it works towards a long term agreement with each
lender and to complete the Private Placement.
The Company will provide further updates of the status of this matter as appropriate.
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 Private Placement and the entering into of agreements to
amend the terms of the Debentures, the continued advancement of the Company's general
business plan and the development of Ilovica-Shtuka, 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 Private Placement
will not be completed as contemplated, or at all, because the necessary regulatory approvals are
not received or other conditions to completion of the Private Placement are not satisfied, the ability
of the Company to come to definitive agreements with the holders of the Debentures with respect
to amendments to such Debentures, 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 Ilovica-Shtuka 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 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/March2019/08/c0023.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 13:36e 08-MAR-19