VanEck Vectors Global Alternative Energy ETF

Published : June 14th, 2016

Euromax Announces Reconfirmation of US$240m German Government Support

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Keywords :   Copper | Debt | German | Germany | Macedonia |

Euromax Announces Reconfirmation of US$240m German Government Support

Euromax Resources Ltd. - Vancouver, June 14, 2016 (TSX-V: EOX): ('Euromax' or the 'Company'), is pleased to announce that, following a formal application by Unicredit Bank AG in its capacity as UFK- Agent for a Project Finance Facility for the construction and development of Euromax's Ilovica Project in Macedonia, the German Government has reconfirmed the in principle eligibility for a Project Finance Facility in the amount of US$ 240 million under the UFK German Untied Loan Guarantee Scheme (UFK- Garantien für Ungebundene Finanzkredite).

A first assessment was undertaken by PWC in its capacity as Mandated Manager of the UFK Untied Loan Guarante Scheme on behalf of the Federal Republic of Germany, and builds upon the UFK in principle eligibility previously announced on 16 February 2015.

The aimed confirmation of UFK Cover, which remains subject to final due diligence and approval, will follow an assessment by PWC of, inter alia, the Ilovica Feasibility Study, the Environmental & Social Due Diligence Report and the terms of a 10 year Copper Concentrate Offtake Agreement between Euromax and Aurubis AG (as previously announced on 8 Dec 2015).

Commenting on this announcement, Steven Sharpe, President & CEO stated:

'This reconfirmation of the in principle eligibility from the German Government is a resounding endorsement of Euromax, the Ilovica Project and Macedonia as an investment destination. From a financial perspective, the potential UFK cover allows us access to 12 year project financing, which is highly beneficial for a project of the magnitude and longevity of ilovica.'

BACKGROUND ON THE UFK SCHEME

The German Federal Government provides UFK coverage in form of loan guarantees for the financing of eligible projects. An Untied Loan Guarantee insures project's lenders against losses incurred due to commercial and political risks.

Eligible projects contribute to the supply of critical natural resources to Germany in form of long-term off-take contracts between the borrower and German off-takers. The project has to be economically viable and comply with international environmental and social standards (e.g. Equator Principles).

More information on the UFK Scheme is available at: http://www.agaportal.de/en/ufk/index.html

Euromax Announces Completion of Convertible Debt Financings With EBRD and CCC

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Data and Statistics for these countries : Germany | Macedonia | All
Gold and Silver Prices for these countries : Germany | Macedonia | All

VanEck Vectors Global Alternative Energy ETF

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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 948 844 as of today (US$ 690 018, € 630 884).

Its stock quote reached its highest recent level on March 21, 1997 at 5.40, and its lowest recent point on September 26, 2024 at 0.01.

Euromax has 47 442 200 shares outstanding.

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