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Euromax Announces Private Placement of Convertible Promissory Note
Euromax Announces Private Placement of Convertible Promissory Note Canada NewsW...
About this update from Euromax Resources Ltd.
[{"type":"text","content":"\n \n \n \n Euromax Announces Private Placement of Convertible Promissory Note\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 TSX: EOX\n \n \n www.euromaxresources.com\n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Oct. 18, 2022\n \n \n /CNW/ -\n \n Euromax Resources Ltd.,\n \n (TSX: EOX): (\"\n \n Euromax\n \n \" or the \"\n \n Company\n \n \"), is pleased to announce that the Company has agreed to issue a non-interest bearing, unsecured, convertible promissory note in the principal amount of\n \n USD$250,000\n \n (\"\n \n Convertible Promissory Note\n \n \") to one of its current shareholders, Galena Resource Equities Limited (\"\n \n Galena\n \n \"), an entity controlled and managed by Galena Asset Management S.A., which is an affiliate of Trafigura Pte Ltd. (the \"\n \n Private Placement\n \n \"). A portion of the proceeds from the Private Placement will be used to provide the Company with short term working capital.\n \n \n The Convertible Promissory Note may be converted in whole or in part into fully paid and non-assessable common shares (\"\n \n Common Shares\n \n \") in the capital of the Company on the basis of one (1) Common Share for each\n \n Cdn$0.032\n \n of principal amount of the Convertible Promissory Note converted, resulting in the issuance of up to 10,580,216 Common Shares upon the conversion of the Convertible Promissory Note in accordance with its terms. For the purposes of conversion, the conversion price will be converted to USD based on an exchange rate of\n \n USD$1.00\n \n to\n \n Cdn$1.35\n \n , which is equal to a conversion price of\n \n USD$0.0236\n \n .\n \n \n The Company has obtained conditional approval of the Toronto Stock Exchange (\"\n \n TSX\n \n \") of the Private Placement, subject to the satisfaction of certain conditions.\n \n \n The Company is relying on the fair market value exemption found at Section 5.7(a) of the Multilateral Instrument 61-101 –\n \n Protection of Minority Security Holders in...