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Euromax Resources Announces Closing of Issuance of Common Shares to Galena in Connection with Repayment of Debt
VANCOUVER, BC, Sept. 4, 2025 /CNW/ - Euromax Resources Ltd. (TSXV: EOX): ("Euromax" or the "Company"), announces today that further to its news release dated Au
About this update from Euromax Resources Ltd.
[{"type":"text","content":" VANCOUVER, BC, Sept. 4, 2025 /CNW/ - Euromax Resources Ltd. (TSXV: EOX): (\"Euromax\" or the \"Company\"), announces today that further to its news release dated August 5, 2025, it has now completed the issuance of 43,747,183 common shares in the capital of the Company (the \"Common Shares\") to Galena Resource Equities Limited (\"Galena\") pursuant to the debt settlement agreement entered into between the Company and Galena on August 5, 2025 (the \"DSA\"). The Common Shares were issued at a deemed offering price of C$0.015 per Common Share (collectively, the \"Transaction\"). Pursuant to the DSA, the Company agreed to issue the Common Shares in order to repay US$475,000 (C$654,787.50) to Galena, representing settlement in full of the outstanding debt owing to the Galena under the non-interest bearing, unsecured, non-convertible promissory note issued by the Company to Galena in April 2025. The Common Shares issued pursuant to the Transaction are subject to a hold period of four months and one day from the date of issuance, expiring on January 5, 2026, in accordance with the policies of the TSX Venture Exchange (the \"TSXV\") and applicable securities laws. The Transaction does not materially affect control of the Company. As Galena is a \"related party\" of Euromax under Policy 5.9 of the TSXV and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"), in completing the Transaction, the Company is relying on the exemptions from the formal valuation and minority approval requirements contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101. The Company will file a material change report in respect of the Transaction within the timeline prescribed by applicable securities laws. The Company did not issue a material change report more than 21 days before the closing of the Transaction because the Transaction was under consideration by the TSXV and closing was conditional on receipt of TSXV approval. Prior to completion of the Transaction, Galena owned 356,983,664 Common Shares and an additional 46,600,652 Common Shares by exercising all of its warrants of the Company (each warrant exercisable for one Common Share), for an aggregate beneficial ownership of Common Shares of 403,584,316 representing an aggregate ownership interest of approximately 53.27% (on a post-convers...