EurOmax Resources Ltd.

February 25, 2011 13:30 ET

EurOmax Completes Private Placement for Gross Proceeds of $7.875 Million

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 25, 2011) -


EurOmax Resources Limited (TSX VENTURE:EOX) (PINK SHEETS:EOXFF) ("EurOmax" or the "Company") is pleased to announce the completion, subject to final approval from the TSX Venture Exchange, of its previously announced non-brokered private placement consisting of 22,500,000 units ("Units") in the Company at a price of $0.35 per Unit for gross proceeds of $7,875,000. Each Unit is comprised of one common share and one-half of one common share purchase warrant. Each full warrant entitles the holder to acquire one additional common share of the Company at any time until February 24, 2012 at an exercise price of $0.50.

The Company's President and CEO has subscribed for and received 500,000 Units as part of this placement. The Company will pay a cash commission of $231,000 to an arm's length third party relating to the issuance of a certain portion of the Units.

All securities issued pursuant to the private placement will be subject to a hold period of four months and one day expiring on June 25, 2011. The proceeds of the private placement will be used to fund the Company's 2011 exploration programs in Southeastern Europe and for general working capital purposes.

Mark Gustafson, President and Chief Executive Officer, stated "We are extremely pleased that a very credible and knowledgeable institutional investor has invested $7 million in our Company. Knowing that our 2011 budget requirements of $6.7 million are fully funded will allow us to pursue our exploration plans on an orderly and efficient basis."

About EurOmax Resources Limited

EurOmax is a Canadian company focused on precious and base metal projects in Southeastern Europe. Our strength is the local staff, knowledge and technical expertise in Bulgaria, Serbia and Macedonia.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, resource estimates, metallurgical testing, geophysical and geochemical surveys, drilling, geological interpretations, receipt of mining concessions and property titles, potential mineral recovery processes and potential partners. Forward looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements, and readers are encouraged to review all Company documents filed with the securities authorities in Canada, including the Management Discussion and Analysis in respect of the Company's recent financial statements under the heading "Operational and Other Business Risks". These documents describe the material factors and assumptions that were applied in drawing the conclusions and making the forecasts and projections as reflected in the forward-looking statements and information, and the material factors that could cause our actual results, performance or achievements to differ materially. We undertake no obligation to update or revise any forward-looking statements or information made in this news release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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