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VANCOUVER, BC, Jan. 24,
2023 /CNW/ - Euromax Resources
Ltd. (TSX: EOX): (Euromax or the Company)
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 (the Private
Placement). Pursuant to the Private Placement, the Company has
issued 101,250,000 units (the Units), with each Unit
consisting of: (a) one (1) common share of the Company (each, a
Common Share), (b) one half (0.5) common share purchase
warrant (each, an A Warrant), and (c) one half (0.5) common
share purchase warrant (each, a B Warrant, and together with
an A Warrant, the Warrants). The Warrants are subject to
adjustment upon certain customary events.
Each A Warrant is exercisable for one Common Share (each, an
A Warrant Share) at an exercise price of C$0.075 for a period of two (2) 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 (each, a B Warrant Share, and together with an
A Warrant Share, the Warrant Shares) at an exercise price of
C$0.125 for a period of two (2) 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.
Forward-Looking
Information
This news release contains forward-looking information.
Forward-looking statements include, but are not limited to the
continued advancement of the Company's general business plan and
the development of the Ilovica-Shtuka Project, and the receipt of
all necessary government approvals and consents. When used in this
press release, the words "will", "shall", "anticipate", "believe",
"estimate", "expect", "intent", "may", "project", "plan", "should"
and similar expressions may identify forward-looking statements.
Although Euromax believes that their expectations reflected in
these forward looking statements are reasonable, such statements
involve risks and uncertainties and no assurance can be given that
actual results will be consistent with these forward-looking
statements. Important factors that could cause actual results to
differ from these forward-looking statements include, but are not
limited to, the ability to implement corporate strategies, the
ability to obtain financing as and when required and on reasonable
terms, the risk that the development of the Ilovica-Shtuka Project
may not proceed as anticipated, including the inability to obtain
necessary government approvals for its activities in a timely
manner, political or economic instability in the jurisdiction in
which the Ilovica-Shtuka Project is located, changes in national
and local government legislation, regulation, and taxation, and
other risks disclosed in our filings made with Canadian securities
regulators available on SEDAR at www.sedar.com. This
list is not exhaustive of the factors that may affect any of
Euromax's forward-looking statements. Investors are cautioned not
to put undue reliance on forward-looking statements.
Forward-looking statements contained herein are made as of the date
of this news release and Euromax disclaims any obligation to update
any forward-looking statements, whether as a result of new
information, future events or results or otherwise, except as
required by applicable securities laws.
The TSX does not accept responsibility for the adequacy or
accuracy of this news release.
SOURCE Euromax Resources