Mr. Rahim Lakha reports
MAX RESOURCE CLOSES $15.3 MILLION NON-BROKERED PRIVATE PLACEMENT FINANCING
Max Resource Corp. has closed a private placement of 25.5 million units at a price of 60 cents per unit for aggregate gross proceeds of $15.3-million. Each unit comprises one common share and one transferable common share purchase warrant, each warrant exercisable for one year at a price of 85 cents.
In addition, the company has paid finder's fees totalling $115,380 and issued an aggregate 192,300 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 one year at a price of 85 cents.
The net proceeds of the offering will be used for drilling and exploration of the company's Cesar project in Colombia and general working capital. All securities issued under the offering are subject to a statutory hold period of four months and one day from closing.
About Max Resource Corp.
Max Resource is a mineral exploration company advancing the newly discovered district-scale Cesar copper-silver project. The wholly owned Cesar project sits along the Colombian portion of the world's largest producing copper belt (Andean belt), with world-class infrastructure and the presence of global majors (Glencore and Chevron).
In addition, Max controls the RT gold project (100 per cent earn-in) in Peru, encompassing a bulk tonnage primary gold porphyry zone, and three kilometres to the northwest, a gold-bearing massive sulphide zone. Historic drilling in 2001, returned values ranging 3.1 to 118.1 grams per tonne gold over core lengths ranging from 2.2 to 36 metres.
Source: National Instrument 43-101 geological report Rio Tabaconas gold project for Golden Alliance Resources Corp. by George Sivertz, Oct. 3, 2011.
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