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Max Power Mining Arranges Above Market Hard Dollar Private Placement
VANCOUVER, British Columbia, Dec. 06, 2023 (GLOBE NEWSWIRE) -- MAX Power Mining Corp. (CSE: MAXX; OTC: MAXXF; FRANKFURT: 89N) (“Max Power” or the “Company”) has
About this update from Max Power Mining Corp
[{"type":"text","content":" VANCOUVER, British Columbia, Dec. 06, 2023 (GLOBE NEWSWIRE) -- MAX Power Mining Corp. (CSE: MAXX; OTC: MAXXF; FRANKFURT: 89N) (“Max Power” or the “Company”) has arranged a non-brokered private placement (the “Offering”) with strategic investors for gross proceeds of up to $1,000,000 from the sale of hard dollar units of the Company (each, a “Unit”) at a price of $0.55 per Unit. The above-market non-flow-through Offering is expected to close during the week of December 11, 2023, with net proceeds going toward the Company’s current drill program in Arizona, advancement of its Direct Lithium Extraction technology research and development at Lawrence Berkeley National Laboratory (LBNL), marketing/investor relations, and general corporate purposes. Private Placement Terms Each Unit will consist of one common share of the Company (each, a “Unit Share”) and one common share purchase warrant (each warrant, a “Warrant”). Each Warrant will entitle the holder thereof to purchase one common share of the Company (each, a “Warrant Share”) at a price of $0.90 for a period of 36 months following the closing date of the Offering. The Warrants will include an acceleration clause to the effect that if at any time after the statutory 4-month and one day hold period from the closing date, the daily volume weighted average closing price of the common shares on the CSE is at least $1.25 per share for a period of 10 consecutive trading days (the “Triggering Event”) the Company may, within 5 days of the Triggering Event, accelerate the expiry date of the Warrants by giving notice thereof to the holders of the Warrants, by way of news release, and in such case the Warrants will expire on the first day that is 30 calendar days after the date on which such notice is given by the Issuer announcing the Triggering Event. The Units will be issued on a private placement basis pursuant to applicable exemptions from prospectus requirements under applicable securities laws. The common shares and Warrants (and any common shares issued pursuant to the Warrants, as applicable) will be subject to a statutory hold period of four months and one day from the date of issuance of the Units. Finder’s fees to third parties may be paid in certain circumstances as part of the Offering, as permitted by the policies of the Canadian Securities Exchange and in accordance with app...