VANCOUVER, BC, Feb. 25,
2022 /CNW/ - Euromax Resources Ltd. (TSX:
EOX): ("Euromax" or the "Company"), announces that
the Company has obtained agreements from each of 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 EBRD's and CCC's previously
issued convertible debentures in the aggregate principal
amounts of USD$5,000,000 and
CAD$5,200,000, respectively, from February 28, 2022, to February 28, 2023.
The transactions described above remain subject to the final
approval of the Toronto Stock Exchange.
Furthermore, the Company announces that one of its current major
shareholders, Galena Resource Equities Limited, an entity
controlled and managed by Galena Asset Management S.A., which is an
affiliate of Trafigura Pte Ltd., has agreed to issue an unsecured
promissory note in the amount of USD$
500,000 to the Company to provide it with short-term working
capital. The Company currently has no source of operational cash
flow, and it is anticipated that the Company will require
additional financing in the first half of 2022.
In completing the transactions noted above,
the Company is relying on the exemptions from the formal valuation and minority approval
requirements in Multilateral Instrument 61-101 – Protection of
Minority Security Holders in
Special Transactions ("MI 61-101") contained in sections 5.5(a)
and 5.7(a) of MI 61-101, respectively.
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 statements that are forward-looking,
such as those relating to the final approval of the Toronto
Stock Exchange of the amendments to the Company's previously issued
convertible debentures
and any additional number of shares which may be issuable
to the holders of such debentures in connection with the amendments.
Forward-looking statements are frequently characterised by words
such as "plan",
"expect", "project", "intend", "believe", "anticipate" and other similar
words, or statements that certain events or conditions
"may" or "will" occur. Forward-looking statements are based on the
opinions and estimates of management at the dates the
statements are made, and are subject to a variety of risks and
uncertainties and other factors that could cause actual events
or results to differ materially from those projected in the
forward- looking statements. This information is qualified in its entirety
by cautionary statements and risk factor
disclosure contained in filings made by the Company, including
its annual information form for the year ended
December 31, 2020 and financial statements and related
MD&A for the financial years ended December
31, 2020 and 2019, and the three months ended
September 30, 2021, filed with the
securities regulatory authorities in certain provinces of
Canada and available on
SEDAR. The forward-looking statements contained in this
document are as of the date of this document, and are subject
to change after this date. Readers are cautioned that
the assumptions used in the preparation of such information,
although considered reasonable at the time of preparation, may
prove to be imprecise and, as such, undue reliance should not be
placed on forward-looking statements. Euromax disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future
events or otherwise, except as otherwise required by
applicable law.
SOURCE Euromax Resources
