Proceeds fund pre-development program at Ilovitza copper-gold project
By Devika Patel
Knoxville, Tenn., Dec. 9 – Euromax Resources Ltd. said it has arranged a $5 million non-brokered private placement of units with European Bank for Reconstruction and Development. In addition the company plans a concurrent C$2.5 million private placement with other investors on the same terms.
The company will sell units of one common share and a quarter-share warrant at C$0.25 apiece.
Each whole warrant is exercisable at C$0.40 for five years. The strike price reflects a 46.2% premium to the closing share price of C$0.71 on Dec. 8.
Proceeds will be used for a pre-development work program at the company’s Ilovitza copper-gold project in Macedonia.
Vancouver, B.C.-based Euromax is a gold and base metal explorer with a European focus.
| Issuer: | Euromax Resources Ltd.
|
| Issue: | Units of one common share and a quarter-share warrant
|
| Amount: | $5 million, C$2.5 million
|
| Price: | C$0.25
|
| Warrants: | One quarter-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.40
|
| Agent: | Non-brokered (for $5 million)
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| Investor: | European Bank for Reconstruction and Development (for $5 million)
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| Pricing date: | Dec. 9
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| Stock symbol: | TSX Venture: EOX
|
| Stock price: | C$0.71 at close Dec. 8
|
| Market capitalization: | C$424.78 million
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