EurOmax Sues Anthony
Patriarco for Insider Trading
July
14, 2010
 EurOmax Sues Anthony
Patriarco for Insider Trading (129 KB)
VANCOUVER Canada -
July 14, 2010: EurOmax Resources Limited
(TSX-V: EOX) ("EurOmax" or the "Corporation")
announced that the Company has commenced a civil claim against Mr.
Anthony Patriarco in the Supreme Court of British Columbia to recover
benefits received as a consequence of improper trading in the common
shares of the Company by an entity over which Mr. Patriarco exercises
control and direction.
As referred to in the
Company's news release of July 9, 2010, Mr. Patriarco recently filed
insider reports regarding certain sales of common shares of the Company
by Blue Ridge Educational Foundation ("Blue Ridge"). In filing
these insider reports, Mr. Patriarco confirmed that he has control or
direction over Blue Ridge. These insider reports (which were filed by Mr.
Patriarco on June 9, 2010, several months after the trades in question)
disclose that Blue Ridge sold common shares of the Company on 13 separate
occasions between January 6 and March 31, 2010 for aggregate gross
proceeds of US$214,015. The prices realized were between US$0.295 and
US$0.20 per share. On July 13, 2010, the Company's common shares closed
on the TSX at C$0.11 per share.
Mr. Patriarco was a director
of the Company between June 2009 and March 2010 and at all relevant times
was also a significant shareholder of the Company. The Company's claim
alleges that Mr. Patriarco had knowledge that the Company had filed a
confidential material change report with Canadian securities regulatory
authorities disclosing that the Company's application for an extension of
its Ilovitza 4 permit had been rejected by Macedonian authorities. For
further details regarding the Ilovitza 4 permit, please see the Company's
July 9 news release.
The rejection of the
Company's application for an extension of the Ilovitza 4 permit was an
adverse material change that had not been generally disclosed. The
Company's claim alleges that despite the confidential nature of this
information, Blue Ridge sold common shares of the Company in violation of
the Securities Act
(British Columbia) and the Company's policies on insider trading. Pursuant
to section 136.1(1) of the Securities
Act (British Columbia), EurOmax is claiming from Mr. Patriarco
an amount equal to the benefits received by Blue Ridge as a result of
these allegedly improper insider trades. EurOmax is also claiming
punitive damages and costs.
About EurOmax Resources
Limited
EurOmax Resources Limited is
a Toronto Venture Exchange Listed company trading under the ticker symbol
"EOX". The Company maintains a portfolio of gold and base
exploration projects in South Eastern Europe.
On Behalf of the Board
of Directors
"Christopher A.
Serin"
Interim Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
FORWARD
LOOKING-STATEMENTS
This news release contains
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Forward-looking statements include, but
are not limited to, statements with respect to the expected outcome and
conduct of the Company's lawsuit against Mr. Patriarco. Forward-looking
statements are subject to known and unknown risks, uncertainties and
other factors that may cause the actual results, level of activity,
performance or achievements of EurOmax to be materially different from
those expressed or implied by such forwardlooking statements. There can
be no assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those anticipated
in such statements. Accordingly, readers should not place undue reliance
on forward-looking statements. EurOmax does not undertake to update any
forward-looking statements that are incorporated by reference herein,
except in accordance with applicable securities laws.
Media and Investor Contacts
|
Media:
Joel Shaffer
Kingsdale Communications
Telephone: + 1 416 867 2327
|
Investor
Relations:
Robert Ferguson
Telephone: + 1 778 945 2116
Email: r.ferguson@euromaxresources.com
|
EurOmax Resources Limited (EurOmax) is a Canadian minerals company
re-discovering and developing the minerals wealth of SE Europe.
From a base in Sofia, Bulgaria, projects in Bulgaria, Macedonia and
Serbia are being explored for gold and base metals. EurOmax made the
strategic decision in 2003 to focus on the metals potential of SE Europe
after a systematic and global review of prospective terrains. The Company
was attracted to SE Europe because of the prospectively of the geological
terrain, availability of quality exploration and support professionals
and a long history of gold and base metal mining.
We are committed to delivering to shareholders and interested investors
clear, concise, accurate and reliable information. Our website (www.euromaxresources.com) contains all the public documents of the corporation together
with descriptions of our projects. Here you will find a large archive of
technical data and drill core and site images. We hope you enjoy the
content and find it useful in better understanding our company.
Robert R.
Ferguson
Direct: (778) 945-2116
Mobile: (604) 999-5546
E : r.ferguson@euromaxresources.com
|