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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
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
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.
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