TSXV: EOX
www.euromaxresources.com
VANCOUVER, BC, Feb. 28,
2025 /CNW/ - Euromax Resources Ltd. (TSXV:
EOX): ("Euromax" or the "Company"), announces that,
further to its press release dated February
10, 2024, 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 dates 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, 2025 to February 28, 2026
(collectively, the "Debenture Amendments").
The Debenture Amendments do not 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, 2025).
In order to comply with the requirements of the TSX Venture
Exchange, EBRD and CCC had previously agreed that for as long as
the Company is listed on the TSX Venture Exchange, any issuance of
shares pursuant to a conversion of accrued and unpaid interest
under the convertible debentures and of any fees under the EBRD
convertible debenture will be subject to the policies of the TSX
Venture Exchange, including the requirement that such issuance
would be subject to prior acceptance by the TSX Venture Exchange
and that such shares would be issued at a price that is not less
than the market price (as defined in the policies of the TSX
Venture Exchange) at the time such accrued and unpaid interest or
fees become payable.
In completing the Debenture 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 Debenture Amendments remain subject to the final acceptance
of the TSX Venture Exchange.
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 conversion of any fees and interest
under the debentures and the final acceptance of the TSX Venture
Exchange of the Debenture 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.
