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Euromax Announces Withdrawal of Concessions Merger Approval
Euromax Announces Withdrawal of Concessions Merger Approval Canada NewsWire ...
About this update from Euromax Resources Ltd.
[{"type":"text","content":"\n \n \n \n Euromax Announces Withdrawal of Concessions Merger Approval\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n July 28, 2023\n \n \n /CNW/ - (TSX: EOX): (\"\n \n Euromax\n \n \" or the \"\n \n Company\n \n \") announces that the Government of the Republic of\n \n North Macedonia\n \n (the \"\n \n Government\n \n \") has withdrawn its recently granted approval of the merger of the Company's Ilovica 6 and Ilovica 11 exploitation concessions (the \"\n \n Merger\n \n \"). This decision contains no explanation of the legal grounds for the reversal of its decision in which the Merger was approved.\n \n \n The Company will ask the Government to reconsider the Merger at the appropriate time, given its importance for the region and country as a whole.\n \n \n Taking into account the political circumstances around this sudden reversal of the official decision made by the Government, the Company is evaluating the next steps and will take all actions necessary in order to protect the rights of its stakeholders, which include, amongst others, the European Bank for Reconstruction and Development (one of the leading institutional investors in\n \n North Macedonia\n \n ), Galena Resource Equities Ltd (an entity controlled by the Trafigura Group, one of the world's largest commodity trading companies), ND Group (a private equity and investment entity from\n \n the Netherlands\n \n ), Equinox Partners (a\n \n New York\n \n based hedge fund) as well as Royal Gold Inc (the US incorporated gold royalty company).\n \n \n While the Company's priority, as the case has been, remains to develop and construct the mine in accordance with the applicable local and international environmental standards, under the International Centre for Settlement of Investment Disputes rules, the Company has already given Formal Notice of a dispute to the Government, and is now able to initiate international arbitration at any time.  Any parties involved may also be the subject of direct legal action if this new decision is...