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MAX Power Mining Completes Upsized Non-Brokered Private Placement For $1.85 Million
VANCOUVER, British Columbia, Dec. 09, 2022 (GLOBE NEWSWIRE) -- MAX Power Mining Corp. (CSE: MAXX) (“MAX Power” or the “Company”) is pleased to announce that it
About this update from Max Power Mining Corp
[{"type":"text","content":" VANCOUVER, British Columbia, Dec. 09, 2022 (GLOBE NEWSWIRE) -- MAX Power Mining Corp. (CSE: MAXX) (“MAX Power” or the “Company”) is pleased to announce that it has completed an oversubscribed and upsized non-brokered private placement financing for total gross proceeds of $1,854,000 (the “Private Placement”). The Company has issued 3,708,000 units (the “Units”) at a price of CAD $0.50 per Unit. The Company had previously announced a $1,500,000 private placement on November 28, 2022. CEO Mr. Rav Mlait stated, “The completion of this private placement with strategic investors builds upon MAX Power’s already strong cash position as we actively review potential high-impact opportunities in the lithium sector.” Private Placement Terms Each Unit consists of one common share of the Company (each, a “Unit Share”) and one half of one common share purchase warrant (each whole 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 $0.85 for a period of 12 months following the closing date of the Private Placement. The Warrants 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 Canadian Securities Exchange (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 Company announcing the Triggering Event. The Private Placement is subject to CSE approval. All Units are subject to a statutory hold period of four months and one day from the date of issuance of the Units. In addition, the Company has paid finder’s fees totaling $56,700 and issued an aggregate 113,400 finder’s warrants to arm’s-length parties, with each finder’s warrant entitling the holder to purchase one common share for a period of 18 months at a price of CAD $0.85. Proceeds from the Private Placement will be used for mineral exploration and working capital pu...