| NEWS RELEASE | Paris: EUR |
EURO RESSOURCES RETAINS FINANCIAL ADVISOR TO ASSESS ADDITIONAL ROYALTY AND STREAMING OPPORTUNITIES THAT COULD BROADEN REVENUE STREAM
Paris, France, April 22, 2020: EURO Ressources S.A. ("EURO" or "the Company") (Paris: EUR) today announces that Canadian-based investment bank PI Financial Corp has been appointed to assist in identifying and evaluating royalty and streaming opportunities that could expand its current portfolio underpinned by the producing Rosebel Gold Mine royalty (the "Rosebel royalty").
EURO has a robust balance sheet, with a cash balance of €31.6M (December 31, 2019) and no debt. It continues to generate strong cash flow from the Rosebel royalty. Revenues in 2019 attributable to the Rosebel royalty were €24.2 million (2018: €23.5 million) based on a reported average gold price in 2019 of US$1,393 per ounce of gold.
Mr. Tidiane Barry, Director Général of EURO stated: "With our strong cash flow and well-funded position, we are in a position to consider opportunities to create additional value for our shareholders through growing our portfolio."
About EURO
EURO is a French company whose main assets are a royalty on the Rosebel gold mine production in Suriname (the "Rosebel royalty"), a royalty on the Paul Isnard concessions, and marketable securities. The Rosebel gold mine is 95%-owned by IAMGOLD Corporation ("IAMGOLD"), and is operated by IAMGOLD. The royalty on the Paul Isnard concessions is a net smelter returns production royalty on future production of the Paul Isnard concessions and an area of interest surrounding the concessions in French Guiana, owned under a joint venture agreement between Columbus Gold Corp. and Nord Gold SE.
EURO has approximately 62.5 million shares outstanding. At December 31, 2019, IAMGOLD France S.A.S. ("IAMGOLD France"), an indirect wholly owned subsidiary of IAMGOLD, owned approximately 89.71% of all issued outstanding shares of EURO. As at December 31, 2019, IAMGOLD France held 56,058,191 shares representing 112,116,382 voting rights or 94.25% of the voting rights of EURO. This threshold crossing results from a double voting rights allocation.
Statements Regarding Forward-Looking Information: Some statements in this news release are forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties.There can be no assurance that future developments affecting the Company will be those anticipated by management.
Not for distribution to United States newswire services or for dissemination in the United States. The securities referred to herein have not been registered under the United States Securities Act of 1933, as amended (the Securities Act), and may not be offered or sold in the United States or to a U.S. person absent registration, or an applicable exemption from the registration requirements of the Securities Act.
Additional information relating to EURO Ressources S.A. is available on SEDAR at www.sedar.com. Further requests for information should be addressed to:
| Tidiane Barry Directeur Général Tel: +1 450 677 0040 Email: tbarry@euroressources.net (mailto:tbarry@euroressources.net) | Sophie Hallé Directeur Général Délégué Tel: +1 450 677 0040 Email : shalle@euroressources.net (mailto:shalle@euroressources.net) |
Attachment
- PR 20-03 EN 2020 04 22 Euro Ressources - News Release PI Financial_V4c_Final (https://ml-eu.globenewswire.com/Resource/Download/6d88f6ae-9a42-4640-b609-4fbcb9509416)
