Euromax to issue $804,000 (U.S.) note to Galena

Executive Summary

• Euromax Resources Ltd. entered into a non‑interest‑bearing, unsecured, non‑convertible promissory note for $804,000 with major shareholder Galena Resource Equities Ltd.
• Proceeds are earmarked for short‑term working capital as the company currently lacks operational cash flow and anticipates needing additional financing by year‑end.
• The transaction is a related‑party deal under MI 61‑101; Euromax relied on exemption provisions and did not file a material change report prior to issuance.

Key Details

• Promissory Note: $804,000 (U.S.) principal amount, non‑interest‑bearing, unsecured, non‑convertible.
• Counterparty: Galena Resource Equities Ltd., controlled by Galena Asset Management SA (affiliate of Trafigura Pte. Ltd.).
• Use of Proceeds: Short‑term working capital to support ongoing operations and bridge financing gap.
• Company Cash Position: No source of operational cash flow at the time of issuance; additional financing expected before year‑end.
• Regulatory Context: Transaction qualifies as a related‑party transaction under Multilateral Instrument 61‑101. Euromax relied on exemptions from formal valuation (section 5.4) and minority approval (section 5.6) per sections 5.5(b) and 5.7(1)(f).
• Reporting Decision: Company determined that filing a material change report ≥21 days before issuance was not in its best interest, opting for expedited access to funds.

Notable Quotes

(No direct quotes provided in the release.)