Business
EurOmax announces that Ilovitza 4 permit to be subject to tender
EurOmax announces that Ilovitza 4 permit to be subject to tender
About this update from Euromax Resources Ltd.
[{"type":"text","content":"\n\n\n\n Jul. 9, 2010 (Canada NewsWire Group) -- Late-filed insider reports by Mr. Anthony Patriarco\n\nTSX.V. EOX\nFrankfurt. OMZ\n\n EurOmax Resources Limited (TSXV: EOX) ("EurOmax" or, the "Company") announced today that the Company's application for an extension of its Ilovitza 4 permit was rejected and the permit will be the subject of public tender.\nOn November 12, 2009 the Company was advised that the Republic of Macedonia had rejected the Company's application for an extension of its Ilovitza 4 permit, which expired on May 11, 2008, on the basis that the permit was not eligible for extension under current Macedonian law, which was changed with effect from July 1, 2008. The Company was advised that it will be required to participate in a competitive tender for the Ilovitza 4 permit.\nThe Ilovitza 4 permit does not include the resources at the Ilovitza project announced by EurOmax on June 26, 2008 and August 12, 2008 but may host an extension to the known resources.\nOn November 18, 2009 the Company's joint venture partner filed a Request for Tender to the relevant governmental agency requesting that the tender process commence as soon as possible. To date the tendering process has not commenced.\nThe Company filed a confidential material change report regarding the non-extension of the Ilovitza 4 permit (the "Material Change Report") with securities regulatory authorities in Canada on November 12, 2009. The Company maintained the confidentiality of the Material Change Report by making periodic filings with relevant securities regulatory authorities pursuant to subsection 7.1(5) of National Instrument 51-102 ("NI 51-102").\nNI 51-102 requires the Company to generally disclose the information contained in the Material Change Report upon it becoming aware, or having reasonable grounds to believe, that persons or companies are purchasing or selling securities of the Company with knowledge of the material change that has not been generally disclosed. The Company has recently become aware of latefiled insider reports filed by Mr. Anthony Patriarco, a former director of the Company who had knowledge of the Material Change Report. These insider reports disclose that an entity over which Mr. Patriarco claims control or direction traded in shares of the Company while the Material Change Repo...