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