Euromax Resources - Strategic Relationships Cemented
Edison | Apr 19, 2016 05:27AM ET
On 8 April, Euromax (TO:EOX) announced that it is to raise up to US$30m via a strategic alliance with the mining finance vehicle of Consolidated Contractors Company (NS:CCON). The raising will be in three tranches: a C$5.2m 9% convertible loan note this month, convertible at an equity price of C$0.40/share, plus (subject to the Ilovica project proceeding and CC Mining approval) US$5m in equity in tandem with up to US$20m in the form of a 10-year subordinated, secured loan facility at Libor plus 8%.
Consolidated Contractors Company (CCC)
CC Mining is the mining finance arm of Consolidated Contractors Company (CCC). CCC is a Lebanese group, historically focused on the oil & gas and general construction markets. Its construction function is headquartered in Athens and its lead negotiator, John Burgess, was formerly the managing director of ACC Rio Tinto (LON:RIO) Exploration (Arte) in India (inter alia). While originally a pure EPC contractor, CCC’s modus operandi is now to make equity investments associated with projects in which it is pre-engaged. In return for its investment, CCC will have the right to appoint one director to Euromax’s board and one Technical Committee member.
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