VANCOUVER, March 1, 2019 /CNW/ - Euromax Resources
Ltd., (TSX: EOX; OTCQB: EOXFF): (Euromax or the
Company), announces that it is finalizing 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 8, 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
