Business
Euromax Resources Appoints new Chairman and Provides Corporate Update
VANCOUVER, British Columbia, Nov. 14, 2018 (GLOBE NEWSWIRE) -- Euromax Resources Ltd. (TSX: EOX): ("Euromax" or the "Company"), announces that it has appointed
About this update from Euromax Resources Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, Nov. 14, 2018 (GLOBE NEWSWIRE) -- Euromax Resources Ltd. (TSX: EOX): (\"Euromax\" or the \"Company\"), announces that it has appointed Tim Morgan-Wynne Non-Executive Chairman of the Company with immediate effect. Martyn Konig, the former Executive Chairman, will continue to serve as a Non-Executive Director of Euromax and is stepping down owing to other business commitments. Tim Morgan-Wynne joined the Company’s Board of Directors in June 2012 as Non-Executive Director and is also the Chairman of the Audit Committee. He is also currently engaged in developing private mining interests, as well as acting as Board Advisor for extractive industries to New World Capital Advisors, a specialist merchant banking and investment firm. Prior to this, Mr. Morgan-Wynne was the Chief Financial Officer of European Goldfields and was also a Director of the Resources and Energy Group at HSBC Bank plc. Mr. Morgan-Wynne has broad experience of corporate finance and capital markets whilst working on transactions involving companies in the UK, Europe, North America and South Africa. Tim will work closely with Varshan Gokool and Patrick Forward, the Company’s Chief Executive Officer and Chief Operations Officer respectively. Tim’s wealth of experience in the world of mining finance and executive management together with his in-depth knowledge of the Company will greatly assist in the delivery of the Ilovica-Shtuka copper-gold project in Macedonia (the “Project”), including the finalisation of permitting and the completion of the finance plan to construct the Project. Corporate Update Following the April 2018 non-brokered private placement financing for gross proceeds of CAD$5,220,000 (USD$4,000,000) from Galena Resource Equities Limited, the Company completed a cost cutting programme. This has included a reduction of staff by approximately 70% and the closure of two offices. The resulting monthly expenditure has almost halved as a consequence, however key personnel have been retained to ensure that the Company can continue all required permitting, finance and technical activities for successful implementation of the Project. Recent activity in Macedonia has been focussed on Stakeholder Engagement. This has included a re-instigation of the Company’s Public Liaison Committee, a body made...