Business
Max Iron Brazil Ltd Has Received In-Principle Advice on Suitability from the ASX to Advance Plans for Admission to the Official List of the ASX
Vancouver, British Columbia--(Newsfile Corp. - January 31, 2025) - MAX RESOURCE CORP. (TSXV: MAX)...
About this update from Max Resource Corp
[{"type":"text","content":"Max Iron Brazil Ltd Has Received In-Principle Advice on Suitability from the ASX to Advance Plans for Admission to the Official List of the ASXVancouver, British Columbia--(Newsfile Corp. - January 31, 2025) - MAX RESOURCE CORP. (TSXV: MAX) (OTC Pink: MXROF) (FSE: M1D2) (\"Max\" or the \"Company\") is pleased to announce that, further to its news releases on December 12, 2024, January 2, 2025, January 7, 2025, January 9, 2025, and January 20, 2025, Max Iron Brazil Ltd. (\"Max Brazil\"), formerly a wholly-owned subsidiary of the Company, has received in-principle advice on suitability from ASX Limited (the \"ASX\") to advance plans for admission to the official list of the Australian Securities Exchange. Max Brazil plans to lodge a Prospectus with the Australian Securities and Investments Commission in Q1 of 2025.Max Brazil is conducting a non-broker Pre-IPO private placement (the \"Pre-IPO\") of up to 30,000,000 Ordinary Shares (the \"Ordinary Shares\") in the capital of Max Brazil at a price of AUD$0.10 per Ordinary Share for aggregate proceeds of up to AUD$3,000,000. As of January 20, 2025, Max Brazil has completed Pre-IPO aggregate amount of 25,000,000 Ordinary Shares for aggregate gross proceeds AUD$2,500,000.Max Brazil intends to undertake an initial public offering (the \"IPO\") and apply to list the Ordinary Shares on the ASX. Its currently contemplated that the IPO will be for a minimum of 30,000,000 Ordinary Shares in the capital of Max Brazil at a price of AUD$0.20 per Ordinary Share for minimum aggregate gross proceeds of AUD$6,000,000 up to a maximum of 50,000,000 Ordinary Shares for maximum aggregate proceeds of AUD$10,000,000. Following the completion of the IPO, and assuming the Pre-IPO is fully subscribed, it is currently contemplated that the Company will own approximately 59% of the issued and outstanding Ordinary Shares in the event that Max Brazil completes the Minimum IPO and 52% if Max Brazil completes the Maximum IPO. The Company's ownership interest in Max Brazil may be reduced to below 50% in the event the terms of the IPO are revised, due to Subsequent issuances, or for any other reason determined to be acceptable to the Company's Board.Following the completion of the IPO and ASX listing, the Ordinary Shares will be listed for trading on the ASX and Max Brazil will be subject to applicable Australian se...