John C. Menzies was to CEO of Euromax from 2002 until 2010, established its presence in SE Europe, acquired its Ilovitza and other mineral exploration assets and commenced discussions with the EBRD in 2008-9.
Mariana Menzies with Macedonian President Ivanov in Strumitza region, MacedoniaEurOmax which is advancing the US$450 million ilovitza copper and gold deposit in Macedonia has satisfied the required disbursement conditions under a convertible loan agreement, with the European Bank for Reconstruction and Development (the “EBRD“), and the gross loan proceeds of USD$5million EBRD to become a major shareholder in Euromax prior to the completion of this Loan, the EBRD had ownership and control over a total of 23.4 million common shares of the Company, representing 19.99% of the issued and outstanding common shares.
Assuming a conversion by the EBRD of all of the amounts owing or potentially owing under the Convertible Loan Agreement, a conversion price for all amounts under the Convertible Loan Agreement of C$0.40 per share, using a Bank of Canada noon rate on 19 May 2016, the EBRD would acquire ownership and control over a total of 23.3 million common shares of Euromax, representing 16.63% of the issued and outstanding common shares. Immediately following such a conversion, together with the common shares already owned by EBRD and assuming conversion of the warrants of the Company held by the EBRD, the EBRD would have ownership and control over 52,585,942 common shares of Euromax, representing 36.00% of the issued and outstanding common shares. given that EOX will require additional equity funding to finance the construction of Ilovitza the EBRD position is likely to significantly less in percentage terms.
Ilovitza deposit being the mountain behind the village of Stuka in the foreground. Credit: John C. Menzies\n\nThis financing together with the Consolidated Contractors Company Group private placement should allow Euromax to advance Ilovitza through detailed design and fund pre-construction activities. Well done to the management team for advancing ilovitza. Ilovitza is ideally located for development being close to power, rail and smelters and its development will have a long-term economic impact on the Strumitza region and on Macedonia. Ilovitza will be the FDI investment in Macedonia.