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Euromax Announces Partial Repayment of Debt Owed to EBRD and Subscription by EBRD for Additional Shares
Euromax Announces Partial Repayment of Debt Owed to EBRD and Subscription by EBRD for Additional ...
About this update from Euromax Resources Ltd.
[{"type":"text","content":"\n\n\n\n Euromax Announces Partial Repayment of Debt Owed to EBRD and Subscription by EBRD for Additional Shares\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntar{\nTEXT-ALIGN: RIGHT\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n TSXV: EOX\n \n\n www.euromaxresources.com\n \n\n\n\n\n VANCOUVER, BC\n \n\n ,\n \n\n Jan. 14, 2025\n \n\n /CNW/ -\n \n Euromax Resources Ltd.\n \n (TSXV: EOX): (\"\n \n Euromax\n \n \" or the \"\n \n Company\n \n \") is pleased to announce that it has entered into a debt settlement agreement dated\n \n January 14, 2025\n \n (the \"\n \n DSA\n \n \") to settle a portion of the outstanding debt owing to the European Bank for Reconstruction and Development (\"\n \n EBRD\n \n \") under the convertible debenture issued by the Company to EBRD in principal amount of\n \n USD$5 million\n \n , as amended (the \"\n \n Debenture\n \n \"). Pursuant to the DSA, Euromax will be paying off\n \n C$355,484.65\n \n representing a portion of the interest owed to EBRD under the Debenture (the \"\n \n Debt\n \n\n Repayment Amount\n \n \").\n \n\n In connection with the Debt Repayment Amount, Euromax will be issuing to EBRD 23,698,977 common shares in the capital of the Company (the \"\n \n Common Shares\n \n \"), at a deemed offering price of\n \n C$0.015\n \n per Common Share (collectively, the \"\n \n Transaction\n \n \").\n \n\n The board of directors of the Company (the \"\n \n Board\n \n \") has determined that it is in the best interests of the Company to settle the outstanding Debt Repayment Amount by entering into the Transaction in order to preserve the Company's cash for ongoing operations.\n \n\n Closing of the Transaction is subject to customary closing conditions, including the final acceptance of the TSX Venture Exchange. The Company intends to close the Transaction as soon as practicable. The Common Shares to be issued pursuant to the Transaction will be subject to a hold period of four months and one day from the date of issuance.\n \n\n The Transaction is not expected to materially affect control of the Company. As EBRD is a related party of E...