TSXV: EOX
www.euromaxresources.com
VANCOUVER, BC, Feb. 10,
2025 /CNW/ - Euromax Resources Ltd.
(TSXV: EOX): ("Euromax" or the
"Company") announces that the Company intends
to amend certain terms of its previously issued convertible
debentures, which were issued to: i) the European Bank for
Reconstruction and Development ("EBRD") in the aggregate
principal amount of USD$5,000,000 (as
amended from time to time, the "EBRD Debenture"); and ii) CC
Ilovitza Limited ("CCC"), an affiliate of Consolidated
Contractors Company Group, in the aggregate principal amount of
CAD$5,200,000 (as amended from time
to time, the "CCC Debenture", and collectively with the EBRD
Debenture, the "Convertible Debentures").
Specifically, Euromax intends to enter into agreements with EBRD
and CCC to extend the maturity dates of the Convertible Debentures
from February 28, 2025 to
February 28, 2026 (the "Proposed
Amendments").
The Proposed Amendments are not intended to make any changes to
the conversion price applicable to principal under the convertible
debentures ($0.15 per share) or to
the applicable interest rate (20% for the period from and including
April 30, 2018 to and excluding
March 31, 2019 and 7% for the period
from and including March 31, 2019 to
and excluding February 28, 2026).
In completing the Proposed Amendments, 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(e) and 5.7(1)(c) of MI
61-101, respectively.
The Proposed Amendments are subject to acceptance by the TSX
Venture Exchange and other approvals.
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 intentions of the Company with
respect to the Proposed Amendments and its ability to execute such
Proposed Amendments, acceptance by the TSX Venture Exchange of
the Proposed Amendments, and
any additional number of Common
Shares which may be issuable to the holders
of the Convertible
Debentures in connection with the Proposed
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, 2023 and financial
statements and related MD&A for the financial years ended
December 31, 2023 and 2022, and the
unaudited condensed consolidated interim financial statements for
the three and nine months ended September
30, 2024 and 2023 along with the accompanying MD&A,
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.
