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Euromax enters US$5M loan agreement to fund Ilovica gold project development

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Euromax enters US$5M loan agreement to fund Ilovica gold project development

saidApril 29 that it has signed a new loan agreement with the European Bank forReconstruction and Development for US$5 million, which will be used to fund theongoing pre-development of the Ilovica gold project in Macedonia.

Theprincipal amount will be convertible at 40 Canadian cents per share, whereasthe redemption amount and applicable fees and interests will be convertible at eitherthe market price of the shares of the company on the last day prior to EBRDserving a conversion notice or the 20-day volume weighted average price of thecommon shares preceding such notice, whichever is lower.

Under theagreement, the convertible loan will mature on April 30, 2018, or upon anequity raise by Euromax of an agreed amount. Upon the maturity of theconvertible loan, Euromax will repay the principal amount and an additionalamount of approximately US$1.4 million.

Should thecompany fail to secure sufficient financing commitments for the constructionand development of the project by December 31, Euromax will pay US$150,000 plusinterest that will accrue on the loan from January 1, 2017, until maturity atan annual rate of three month LIBOR plus 7% per annum.

Euromaxalso entered into a definitive transaction documentation for a convertible loanof C$5.2 million as the first tranche of a proposed investment of up and a strategicalliance with CC MiningSA, a subsidiary of Consolidated Contractors Company Group, as waspreviously announced on April 8.