Business
Option exercised on EurOmax's Trun property
Option exercised on EurOmax's Trun property.
About this update from Euromax Resources Ltd.
[{"type":"text","content":"\n\n\n\nIssued Capital:\n\n\n43,199,155 common shares\n\n\nStock Exchange\n\n\nTSX Venture Exchange\n\n\nSymbol: EOX\n\n\nVANCOUVER, Feb. 26 /CNW/ - EurOmax Resources Limited ("EurOmax") is\npleased to announce that Teck Cominco Limited ("Teck Cominco") has provided\nnotice of exercise of their option to proceed with exploration on the Trun\nproperty in western Bulgaria. In connection with the option Teck Cominco has\nalso exercised 2.8 million warrants at C$0.40 raising C$1.12 million for\nEurOmax.\n\n\nEurOmax and Teck Cominco executed an agreement in 2006 under which Teck\nCominco could elect to fund exploration through several stages on the Trun\nproperty to earn up to a 70% interest in the Trun property.\n\n\nUnder the 2006 agreement, Teck Cominco invested C$700,000 for 2,800,000\nUnits of EurOmax as a private placement at a price of $0.25 per Unit. Each\nUnit consisted of one share and one warrant. Each warrant was exercisable at\nC $0.40 during the first year of the agreement and C$0.65 during the second\nyear of the agreement. Upon EurOmax completing a preliminary exploration\nprogram, Teck Cominco has the option to earn a 55% interest in the Trun\nproperty by spending C$3 million over 4 years. Upon Teck Cominco earning its\ninitial 55% interest, it has the option to increase its interest to 70% by\nspending an additional C$10 million on the Trun property.\n\n\nAs part of the 2006 agreement EurOmax has completed its initial program\nexpenditure requirement with a program of mapping, trenching and drilling. The\nresults of two holes drilled in late 2006 are pending.\n\n\n"John Menzies"\n\n\nChairman & CEO\n\n\nThe TSX Venture Exchange does not accept responsibility for the adequacy\n\n\nor accuracy of this release.\n\n\n","length":1865,"tagName":"div"}]