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Euromax Resources Announces Closing of Private Placement
VANCOUVER, BC, June 19, 2024 /CNW/ - Euromax Resources Ltd. (TSXV: EOX): ("Euromax" or the "Company"), announces that today further to its news release dated Ju
About this update from Euromax Resources Ltd.
[{"type":"text","content":" VANCOUVER, BC, June 19, 2024 /CNW/ - Euromax Resources Ltd. (TSXV: EOX): (\"Euromax\" or the \"Company\"), announces that today further to its news release dated June 7, 2024, it has now closed a non-brokered private placement (the \"Private Placement\") consisting of 3,302,081 units of the Company (the \"Units\"), at a subscription price of C$0.02 per Unit for aggregate gross proceeds of C$66,041.62. Each Unit consists of one common share in the capital of the Company (each, a \"Common Share\") and one Common Share purchase warrant (each, a \"Warrant\"). Each Warrant will be exercisable for a period of five years following the closing date at an exercise price of C$0.05 per Common Share. The Units to be issued pursuant to the Private Placement, and any Common Shares issued in connection with the exercise of Warrants, if any, will be subject to a hold period of four months and one day from the date of issuance expiring on October 19, 2024, in accordance with the policies of the TSX Venture Exchange (the \"TSXV\") and applicable securities laws. The gross proceeds from the issuance of the Units will be used as follows: i. Office, administration and communications costs – 35% ii. Salaries – 28% iii. Legal & administrative fees – 26% iv. Project working capital – 6% v. Tax, audit & accounting fees – 5% Other than disclosed above, no proceeds will be used to fund payments to non arm's length parties or to persons conducting Investor Relations Activities within the meaning of the policies of the TSXV. None of the Units will be distributed to insiders of the Company and the private placement will not materially affect control of the Company. The Private Placement remains subject to the final acceptance of the TSXV. About Euromax Resources Ltd. Euromax has a major development project in North Macedonia and is focused on building and operating the Ilovica-Shtuka gold-copper project. Forward-Looking Information This news release contains statements that are forward-looking, such as those relating to the Company's cash for ongoing operations. Forward-looking statements are frequently characterised by words s...