Euromax Announces $8.8 Million Non-Brokered Private Placement; Appointment of Investec Bank
Published : January 23, 2013
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 23, 2013) - Euromax Resources Ltd. (News - Market indicators) (OTCQX:EOXFF): ("Euromax" or the "Company") is pleased to announce a non-brokered private placement of up to 16,314,815 common shares of the Company at a price of $0.54 per share, for gross proceeds of up to approximately $8.8 million (the "Private Placement"). The Company intends to use the proceeds of the Private Placement to further the accelerated development of its flagship Ilovitza project, resource definition and progression of its other properties and for general working capital purposes.

The Private Placement is subject to the approval of the TSX Venture Exchange (the "TSXV"). Any securities issued pursuant to the Private Placement will be subject to a hold period of four months from the closing date of the Private Placement in accordance with applicable Canadian securities laws.

Investec Bank plc Appointment

Additionally, the Company is pleased to announce that it has entered into an agreement (the "Agreement") to appoint Investec Bank plc ("Investec") as Lead Banker whose roles will include Global Project Finance Co-ordinator and Treasury Advisor to the Company.

In consideration for Investec providing these services, subject to TSXV approval, the Company will undertake to issue to Investec on the date of completion of a listing of the Company's shares in the United Kingdom (a "UK Listing"), or in certain other circumstances as described below, a number of warrants exercisable for a period of five years following the date of issuance. Each warrant would be exercisable to acquire one common share of the Company at a 10% premium to the issue price of the securities offered in any equity financing conducted concurrently with a UK listing such that the number of warrants multiplied by the exercise price thereof would be equal to $5 million, and subject to the terms below.

It is anticipated that Investec will be participating in the Private Placement and their participation will be conditional upon acceptance by the TSXV of the terms of their appointment as Lead Banker.

The Company also intends to appoint Investec in a corporate finance capacity to assist with the ongoing evaluation of a potential UK Listing.

Commenting on the announcement, Steve Sharpe, President & CEO of the Company said: "I am delighted to announce this Private Placement which will allow us to continue with the expedited development of our flagship asset as well as continuing to add value to our pipeline properties. 

Furthermore, the appointment of Investec as our Lead Bank also underscores our corporate strategy of working towards a potential London listing and determining the appropriate debt framework for the development of Ilovitza as we realise our goal of evolving into a European gold producer."

Agreement Terms

Under certain circumstances, namely in the event that the Company does not proceed with a UK listing within 12 months; an alternative equity or debt financing is completed; or the Agreement is terminated by the Company, then the exercise price of the warrants will be set at the then prevailing market price.

The Agreement is subject to the approval of the TSXV. Any securities issued or issuable pursuant to the Agreement will be subject to a hold period of four months from the date of issuance of such securities in accordance with applicable Canadian securities laws.

About Euromax Resources Ltd.

Euromax is a Canadian exploration and development company with three gold and base metal assets in Macedonia, Bulgaria and Serbia. We are focused on identifying, acquiring and developing mineral resources in South Eastern Europe with the objective of becoming a world-class mining company in the region. Our strength is our local staff, knowledge and technical expertise in Bulgaria, Serbia and Macedonia.

This news release contains forward-looking statements including but not limited to statements regarding a proposed private placement; the use of proceeds from such private placement; the Company's intention to appoint Investec in a corporate advisory capacity; and the undertaking to issue warrants to Investec. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on information currently available to the Company as well as the Company's current beliefs and assumptions made by the Company, including that the Company will be able to obtain the necessary regulatory approvals in a timely manner. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, that the Company will not be able to obtain the necessary approvals in a timely manner; the private placement will not be completed, the Agreement and the terms thereunder will not be approved and the Company may not be able to issue warrants to Investec pursuant to the Agreement. Readers are also encouraged to review all Company documents filed with the securities authorities in Canada, including the Management Discussion and Analysis in respect of the Company's recent financial statements under the heading "Operational and Other Business Risks", which documents describe material factors and assumptions and risks that apply to the forward-looking statements in this release. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities 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 may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Euromax Resources Ltd.
Steve Sharpe
President & CEO
+44 (0)20 3667 2970
ssharpe@euromaxresources.co.uk
or
Euromax Resources Ltd.
Karen Atchison
Investor Relations Manager
+44 (0)20 3667 2970
katchison@euromaxresources.co.uk
www.euromaxresources.com
Data and Statistics for these countries : Bulgaria | Canada | Macedonia | Serbia | United Kingdom | All
Gold and Silver Prices for these countries : Bulgaria | Canada | Macedonia | Serbia | United Kingdom | All

Euromax Resources

EXPLORATION STAGE
CODE : EOX.V
ISIN : CA29873T3073
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Euromax is a gold and copper exploration company based in Canada.

Euromax holds various exploration projects in Bulgaria, in Canada and in Macedonia.

Its main exploration properties are KARAVANSALIJA, TRUN, POPINTSI and RAKITOVO in Bulgaria, KAZANDOL, CEOVISHTE, BRESTOVATZ and ILOVITZA in Macedonia and DURLAN POTOK and EYREMORE in Canada.

Euromax is listed in Canada and in United States of America. Its market capitalisation is CA$ 50.2 millions as of today (US$ 38.5 millions, € 34.9 millions).

Its stock quote reached its highest recent level on March 21, 1997 at CA$ 5.40, and its lowest recent point on April 25, 2014 at CA$ 0.09.

Euromax has 116 842 737 shares outstanding.

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Corporate Presentations of Euromax Resources
11/1/2012Management Share Purchases New Euromax Corporate Presentatio...
3/2/2008 Corporate Presentation - February 2008
Annual reports of Euromax Resources
2007 Annual Report
Financings of Euromax Resources
3/15/2011Announces Final TSXV Approval of $7.875 Million Private Plac...
2/22/2011Proposes Private Placement for Up to $7.875 Million
Option Grants of Euromax Resources
9/21/2012Brings Investor Relations Services In-house
3/23/2011Grant of 575,000 options at $0,35
2/3/2011Euromax issues 1.075.000 stock options at $0.31
Nominations of Euromax Resources
6/11/2013Appoints Environmental & Social Manager
6/1/2011Board of Directors Re-Elected at Annual General Meeting
9/1/2009Appoints VP Exploration and IR Team
8/7/2008appoints Greg Hall as member of advisory board
Project news of Euromax Resources
2/29/2012First Berlin Initiates Coverage of Euromax Resources
2/8/2012Euro Pacific Broker Note - EurOmax Resources
7/20/2011(Trun)Confirms Another Gold Zone at Trun - Drilling Encounters 24 ...
5/26/2011(Ilovitza)Intercepts 369 Meters at 0.22% Copper and 0.33 Grams Per Ton...
4/1/2011(Breznik)Reports 0.5 Million Ounces Gold and 2.1 Million Ounces Silve...
2/17/2011(Ilovitza)Intercepts 336.5 Meters at 0.30% Copper and 0.37 Grams Per T...
8/4/2010(Kazandol)Drilling Confirms Oxide Copper Zone at Kazandol North
11/12/2009Correction: Drilling at Breznik Intersects High Gold Grades
11/3/2009Drilling at Breznik Intersects High Grades and Extends Lengt...
7/24/2008(Ilovitza)Ilovitza Geophysical Survey
6/26/2008(Ilovitza)Announces 1.6 Billion pound copper and 2.9 million ounce gol...
Corporate news of Euromax Resources
7/7/2016Euromax Announces Final Approval To Graduate to TSX
6/20/2016Euromax Announces Receipt of Conditional Approval to Graduat...
6/14/2016Euromax Announces Reconfirmation of US$240m German Governmen...
6/14/2016Euromax Announces Reconfirmation of US$240 Million
5/20/2016Euromax Announces Completion of Convertible Debt Financings ...
5/6/2016Notice for submission of the Ilovica Project EIA for approva...
4/29/2016Euromax announces non-brokered private placement to the EBRD...
4/8/2016Proposed Funding Package and Formation of Strategic Relation...
4/8/2016Euromax Announces Proposed Funding Package and Formation of ...
3/21/2016Euromax Announces Board Appointment
1/6/2016Euromax Announces Ilovica Feasibility Study Results
10/20/2015Read our latest newsletter - September 2015
10/19/2015Euromax Announces Option Agreement for KMC
9/15/2015Read our latest newsletter - August 2015
9/10/2015Euromax Resources to Attend Upcoming Investment Summits
7/29/2015Euromax at the Macedonia 2025 Networking Reception in Toront...
7/15/2015Read our latest newsletter - June 2015
7/9/2015Euromax on Mining Journal - Rose among the thorns
7/9/2015Rose among the thorns - Mining Journal
3/24/2015Euromax Announces Appointment of Director and Funding of Sec...
3/24/2015Announces Appointment of Director and Funding of Second $3.7...
3/9/2015Euromax Announces Closing of Royal Gold Transaction
3/3/2015Announces Closing of Royal Gold Transaction
3/3/2015Euromax Announces Closing of Royal Gold Transaction
2/20/2015Certificate of Appreciation awarded to Euromax Resources
1/12/2015Euromax Resources Closes Private Placement
1/12/2015Euromax Resources Closes Private Placement
12/23/2014Re-filing of Amended Technical Report
12/22/2014Re-Filing of Amended Technical Report
12/10/2014Euromax Announces Non-­Brokered Private Placement to the EBR...
12/9/2014Euromax Announces Non-Brokered Private Placement to the EBRD
10/21/2014Royal Gold Acquires Gold Stream on Euromax’s Ilovitza Projec...
10/21/2014Euromax Resources Announces US$175 Million Gold Streaming Ag...
9/27/2013Receives C$1 Million from Sale of Thrace Resources
9/12/2013Announces Discovery Drill Hole at Gradina, KMC, Serbia
8/5/2013(Ilovitza)Announces New Mineral Resource Estimate for Ilovitza Project
7/24/2013Publishes First Company Newsletter
7/24/2013Publishes First Company Newsletter
5/24/2013(Ilovitza)Announces New Mineral Resource Estimate for Trun Project-Dri...
5/9/2013All Resolutions Passed at Euromax Annual General & Special M...
5/9/2013All Resolutions Passed at Euromax Annual General & Special M...
3/26/2013(Ilovitza)Files Updated Ilovitza PEA
3/21/2013(Ilovitza)Announces 2012 Drilling Results from Ilovitza, Macedonia
2/19/2013Announces 2012 Drilling Results from KMC Project, Serbia
2/14/2013(Ilovitza)Opens Information Centre in Ilovitza
1/23/2013Announces $8.8 Million Non-Brokered Private Placement; Appoi...
11/8/2012Board and Management Changes
10/24/2012(Ilovitza)Announces Approval of Ilovitza EIS & Preliminary Economic As...
10/16/2012(Ilovitza)Announces Share Consolidation; New Company Secretary Appoint...
9/13/2012Director's Dealings
5/23/2012Moves to Europe
7/21/2011Drill High Grades
7/7/2011(Breznik)Large Geophysical Anomaly at the Breznik Au-Ag Project Teste...
6/14/2011(Trun)Discovers New Gold Zones at Trun
5/4/2011Commences Drilling and Geophysical Programs
4/21/2011Adds to Technical Advisory Board and Issues Stock Options to...
8/18/2010Reminds Shareholders to Vote their BLUE Proxy By Friday, Aug...
7/26/2010files Information Circular and Urges Shareholders to Vote th...
7/14/2010Sues Anthony Patriarco for Insider Trading
10/20/2009 Bulgarian project update
7/16/2009EOX Closes USD15 Million Property Sale
7/17/2009Now Has A New Lease Of Life In South Eastern Europe
5/27/2009Silk Road Business Combination
8/22/2008Closes $0.75 Million Financing
7/14/2008Exposure to West African Gold Exploration
7/7/2008Dr. Patriarco Joins EurOmax Board
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