Euromax Resources Ltd. (TSX: EOX) is pleased to announce that it has closed its previously announced non-brokered private placement for gross proceeds of approximately US$3,000,000 million. Pursuant to the Private Placement, the Company has issued 101,250,000 units, with each Unit consisting of: (a) one common share of the Company, (b) one half common share purchase warrant, and (c) one half common share purchase warrant. The Warrants are subject to adjustment upon certain customary events.
Each A Warrant is exercisable for one Common Share at an exercise price of C$0.075 for a period of two years from the date of issuance, subject to the receipt of the successful merger of the Ilovica 6 and Ilovica 11 exploitation concessions, and approval of the Environmental Impact Assessment on the merged exploitation concessions. Each B Warrant is exercisable for one Common Share at an exercise price of C$0.125 for a period of two years from the date of issuance, subject to the receipt of the approval of the exploitation permit on the merged exploitation concession for the Ilovica-Shtuka project. The Warrants, if exercised in full by the holders thereof, would represent additional gross proceeds to the Company of approximately C$10,125,000.
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 securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.
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.
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