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VANCOUVER, British Columbia, Feb. 2022 (GLOBE NEWSWIRE) — MAX Power Mining Corp. (CSE: MAXX) (“maximum energy“or the”Society”) is pleased to announce that it has completed its initial public offering (the “Initial Public Offering“) of ordinary shares (the “Shares”) in the share capital of the Company. MAX Power issued 6,000,000 shares that were eligible for distribution under its final prospectus dated December 24, 2021 at a price of $0.25 per share for gross proceeds of $1,500,000 to buyers in Colombia British, Alberta and Ontario. The net proceeds from the IPO will be used primarily to fund exploration on the Company’s Nicobat property (the “Nicobat Property”) consisting of 165 non-contiguous mining claims covering nearly 22 km2 in the Rainy River District of northwestern Ontario, Canada.
Pursuant to the Agency Agreement dated December 24, 2021, Leede Jones Gable Inc. (“Leede”) acted as agent for the Commercially Reasonable Efforts IPO and received a cash commission, corporate financing fee and reimbursement of its expenses in connection with the Initial Public Offering. In addition, Leede and members of its selling group received a total of 540,000 compensation warrants to purchase the same number of shares of the Company at a price of $0.25 per share over an 18-month period. .
The Company has received approval to list its common shares on the Canadian Securities Exchange (the “Exchange”) and its Shares will list on the Exchange on February 16, 2022 under the ticker symbol “MAXX”.
Additional information about the Company, the IPO and Nicobat ownership can be found in the Company’s final long form prospectus dated December 24, 2021, as filed on SEDAR at www.sedar.com.
The directors and officers of MAX Power are Ravinder Mlait, the Company’s Chief Executive Officer and Director; Bryan Loree, Chief Financial Officer and Corporate Secretary of the Company and director; Thomas Clarke, director; and Bill deJong, a director.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, and there will be no sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. the securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “US Securities Act”), or any US state securities laws and do not may be offered or sold in the United States or to U.S. persons, except in compliance with the registration requirements of U.S. securities law and applicable U.S. securities laws or pursuant to an exemption from those -this.
About the company
MAX Power Mining Corp. is engaged in the acquisition, exploration and evaluation of mineral properties. MAX Power holds exploration permits to explore an area covering approximately 22 km2 in the Rainy River district of northwestern Ontario.
Bryan Loree, Chief Financial Officer and Director, [email protected] or 778-655-9266.
This press release contains “forward-looking information or statements” within the meaning of Canadian securities laws, which may include, but are not limited to, statements relating to the date of first trading of the Company’s common shares and to its future business plans. All statements in this release, other than statements of historical fact, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends to ”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “could”, “could” or “should” occur. Although the Company believes that the expectations expressed in these forward-looking statements are based on reasonable assumptions, these statements are not guarantees of future performance and actual results may differ from those in the forward-looking statements. This forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including those set forth in the Company’s final long form prospectus dated December 24, 2021 and filed under the Company’s profile on SEDAR at www.sedar.com. The Company does not undertake to update any forward-looking statements or forward-looking information, except as required by law.
Neither the Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.