22:27:01 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Max Resource Corp (3)
Symbol MAX
Shares Issued 157,884,325
Close 2022-06-07 C$ 0.67
Market Cap C$ 105,782,498
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Max Resource completes $2.4M in placement closings

2022-06-07 17:37 ET - News Release

Mr. Rahim Lakha reports

MAX RESOURCE ANNOUNCES CLOSING OF THE FINAL $2.4 MILLION OF ITS $17.7 MILLION PRIVATE PLACEMENT INCLUDING C$1.5 MILLION ON A BROKERED BEST EFFORTS BASIS

Max Resource Corp. has closed its previously announced brokered private placement, led by Cormark Securities Inc., acting as lead agent, of 2.5 million units of the company at a price of 60 cents per unit for aggregate gross proceeds to the company of $1.5-million. In addition, the company closed a concurrent non-brokered private placement offering for 1.5 million units for aggregate gross proceeds of $900,000, bringing the total aggregate gross proceeds to the company to an aggregate of $17.7-million, pursuant to the company's non-brokered private placement, which closed on May 19, 2022, the brokered offering and non-brokered offering.

Each unit consists of one common share of the company and one common share purchase warrant. Each warrant entitles the holder to acquire one common share of the company at an exercise price of 85 cents for a period of 12 months following the date of issuance.

As consideration for the services rendered in connection with the brokered offering, the company paid to Cormark a cash commission in the amount equal to 6 per cent of the gross proceeds of the brokered offering and issued 150,000 broker warrants to Cormark, with each broker warrant entitling the holder to acquire one common share at an exercise price of 85 cents for a period of 12 months following the date of issuance. In addition, in connection with the non-brokered offering, Cormark received from the company a cash finder's fee totalling $54,000 and an aggregate of 90,000 finder warrants, with each finder warrant entitling the holder to acquire one common share at an exercise price of 85 cents for a period of 12 months following the date of issuance.

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.

In accordance with applicable Canadian securities laws, all securities issued pursuant to the offering will be subject to a statutory hold period of four months and one day from the date of closing. The offering remains subject to final approval from the TSX Venture Exchange.

About Max Resource Corp.

Max Resource is a mineral exploration company advancing the newly discovered district-scale Cesar copper-silver project. The 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 primarily 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 36.0 metres.

We seek Safe Harbor.

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