Euromax Announces Closing of Non-Brokered
Euromax Announces Closing of Non-Brokered
Private Placement and Board appointment
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VANCOUVER, BC
,
Oct. 1, 2021
/CNW/ -
Euromax Resources Ltd.
(TSX: EOX): (
Euromax
or the
Company
) is pleased to announce that it has closed its previously announced non-brokered private
placement for gross proceeds of approximately
CAD$1.2 million
(the
Private Placement
). Pursuant
to the Private Placement, the Company has issued approximately 21 million units (the
Units
), each
Unit consisting of one common share of the Company (each, a
Common Share
) and one common
share purchase warrant (each, a
Warrant
) of the Company, at a price of
CAD$0.057075
per Unit.
Each Warrant may be exercised for the purchase of one Common Share (each, a
Warrant Share
)
at an exercise price of
CAD$0.0761
for a period of three (3) years from the closing of the Private
Placement, subject to adjustment upon certain customary events. The Warrants, if exercised in full
by the holders thereof, would represent additional gross proceeds to the Company of approximately
CAD$1.6 million
.
The Common Shares, the Warrants and the Warrant Shares issued pursuant to the Private
Placement will be subject to a four month hold period from the date of closing in accordance with
applicable Canadian securities laws.
The Company also announces that
Pat Forward
has been appointed to the Board of Directors as
Non Executive Director. Mr Forward is stepping down from his day to day duties as Chief Operating
Officer but will remain as a senior technical consultant as well as being a member of the Board and
Technical Committee. The Company will further benefit from the strong technical expertise in
Galena Resource Equities Limited and Trafigura Pte. Ltd., who already provide the majority of the
Company's Technical Committee members.
Tim Morgan-Wynne
, Executive Chairman, stated:
"We are very pleased that the key shareholders
have demonstrated their backing of the Company in this short term fund raising and have
reiterated their support for the future.
We are also delighted that Pat will be joining the Board of Directors and providing technical
continuity through his expert knowledge of the Ilovia-Shtuka copper project. As COO he oversaw
the development of the project from an inferred mineral resource to a robustly defined project and
his continuing input at a board will be greatly valued."
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 forward-looking information. Forward-looking statements include, but
are not limited to the continued advancement of the Company's general business plan and the
development of the 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 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 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/October2021/01/c5729.html
%SEDAR: 00009131E
For further information:
Please visit www.euromaxresources.com or contact: Tim Morgan-Wynne,
Executive Chairman, +44 203 918 5160, [email protected].
CO: Euromax Resources
CNW 17:00e 01-OCT-21