TSXV: EOX
www.euromaxresources.com
VANCOUVER, BC, Nov. 13,
2024 /CNW/ - Euromax Resources Ltd. (TSXV:
EOX): ("Euromax" or the "Company"), announces today
that further to its news release dated September 30, 2024, it has now closed a
non-brokered private placement (the "Private Placement")
consisting of 118,494,884 common shares of the Company (the
"Common Shares"), at a subscription price of C$0.015 / US$0.01108 per Common Share for aggregate gross
proceeds of C$1,777,423 /
US$1,312,526.
The placees of the Private Placement included two controlling
shareholders, two directors of the Company, and other investors
(the "Placees").
The Common Shares are subject to a hold period of four months
and one day from the date of issuance expiring on March 13, 2025, in accordance with the policies
of the TSX Venture Exchange (the "TSXV") and applicable
securities laws.
The gross proceeds from the issuance of the Common Shares will
be used as follows:
i. Office, administration and communications
costs – 18%
ii. Salaries – 25%
iii. Legal & administrative fees – 35%
iv. Project working capital – 9%
v. Tax, audit & accounting fees – 12%
Amounts representing 7% of the proceeds of the Private Placement
will be used to fund normal salary payments to Non Arms' Length
Parties. Amounts representing up to 3.8% of the proceeds of the
Private Placement may be used to fund payments to persons
conducting Investor Relations Activities within the meaning of the
policies of the TSXV.
As certain of the Placees are related parties of Euromax, in
completing the Private Placement, the Company relied on the
exemptions from the formal valuation and minority approval
requirements of Policy 5.9 of the TSXV and Multilateral Instrument
61-101 – Protection of Minority Security Holders in
Special Transactions ("MI 61-101") contained in sections
5.5(b) and 5.7(1)(a) of MI 61-101, respectively.
The Private Placement remains subject to the final acceptance of
the TSXV.
Neither the TSX Venture Exchange nor its regulation services
provider accepts responsibility for the adequacy or accuracy of
this news release.
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 Company's cash for ongoing
operations. 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, 2023 and financial statements and related MD&A for
the financial years ended December 31,
2023 and 2022, as well as the financial statements for the
three and six months ended June 30,
2024 and 2023 and the related MD&A for the three and six
months ended June 30, 2024, filed
with the securities regulatory authorities in certain provinces of
Canada and available on SEDAR+
at sedarplus.ca. 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, unless required by applicable law.
SOURCE Euromax Resources Ltd.
