MAX Power Completes $1.9 Million Private Placement - Latest Global News

MAX Power Completes $1.9 Million Private Placement

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VANCOUVER, British Columbia, May 16, 2024 (GLOBE NEWSWIRE) — MAX Power Mining Corp. (CSE: MAXX; OTC: MAXXF; FRANKFURT: 89N) (“Maximum strength” or the “Pursue“) reports that it has completed its previously announced non-brokered private placement (originally announced on May 3, 2024 and increased on May 7, 2024). Pursuant to the offering (the “Offering”), the Company issued a total of 9,745,744 units (the “Units”) at a price of $0.195 per Unit for gross proceeds of $1,900,420 to MAX Power.

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Mr. Rav Mlait, CEO of MAX Power, commented: “This private placement with strategic investors excellently positions MAX Power for success in 2024.”

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Conditions for Private Placements

Each Unit consists of one common share in the capital of the Company (a “Share”) and one-half of one non-transferable common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each whole warrant may be exercised to acquire one share at an exercise price of $0.30 per share for a period of 24 months from the date of issuance, subject to an acceleration clause described in this press release.

Acceleration clause

If at any time after the issuance date of the Warrant, the closing price of the Company’s common shares on the Canadian Securities Exchange (or such other exchange on which the common shares may be traded from time to time) is at or above $0.50 (CDN) per Share for a period of 10 consecutive trading days (the “Triggering Event”), the Company may, within 5 days of the Triggering Event, advance the expiration date of the Warrants by notice to the holders of the Warrants, by press release, and in such event the Warrants will expire on first day, which is 30 calendar days after the date on which the Company provides such notice of the Triggering Event, and all rights of the holder of such Warrants will be terminated without any compensation to such holder.

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more details

The offering was completed in accordance with National Instrument 45-106 – Exceptions to the prospectus (“NI 45-106”), the Offer was made to purchasers resident in all provinces of Canada except Quebec, pursuant to the listed issuer financing exemption set out in Part 5A of NI 45-106 (the “Exemption”). . The securities offered under the exemption are not subject to any hold period under applicable Canadian securities laws.

The amended and restated offering document (the “Offering Document”) relating to the Offer can be accessed on the Company’s profile at www.sedarplus.ca and on the company’s website at: www.MaxPowerMining.com.

In connection with the Offering, the Company expects to pay finder’s fees consisting of (i) cash finder’s fees of $54,858.64 and (ii) 281,323 Finder’s Warrants (“Find’s Warrants”) issued under the Offer of the offering and will be exercisable at a price of $0.30 per common share for a period of 24 months after the closing date of the offering, which is also subject to the acceleration clause set forth above. The broker warrants are subject to a four-month hold period.

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Grant of a stock option

The company has granted 2.1 million stock options to the company’s directors and advisors. The stock options have an exercise price of $0.35. 1,600,000 stock options have a term of 5 years and 500,000 stock options have a term of 2 years and are subject to vesting requirements.

Disclaimer

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful were. The securities being offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or any U.S. state securities laws and may not be offered or sold in the United States, in which there is no registration or an applicable exemption from the registration requirements of the 1933 Act, as amended, and applicable state securities laws.

About MAX Power

MAX Power is a dynamic exploration-stage resources company targeting domestic lithium resources to advance renewable energy prospects in North America while exploring other strategic opportunities in the global transition to decarbonization. MAX Power has also entered into a collaborative research and development agreement with the University of California’s Lawrence Berkeley National Laboratory (LBNL) to develop state-of-the-art direct lithium extraction (DLE) technologies for brine resources.

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On behalf of the board

“Rav Mlait”

CEO
MAX Power Mining Corp.

MarketSmart Communications at 877-261-4466.

Company contact [email protected]778-655-9266

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR
FOR DISTRIBUTION IN THE UNITED STATES

Forward-Looking Cautionary Statements

This press release contains forward-looking statements within the meaning of applicable securities laws. The use of any of the words “anticipate”, “plan”, “continue”, “expect”, “estimate”, “objective”, “may”, “will”, “project”, “should”, “predict”, ” “potential” and similar expressions are intended to identify forward-looking statements. In particular, this press release contains forward-looking statements, including, without limitation, statements relating to the Offering (including with respect to the timing and completion of the Offering). Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Because forward-looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties. Actual results may differ materially from those currently expected due to a number of assumptions, factors and risks. These assumptions and risks include, but are not limited to, assumptions and risks associated with obtaining regulatory or shareholder approvals and risks associated with the condition of financial markets or future metal prices.

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Management has provided the above summary of risks and assumptions associated with forward-looking statements in this press release to provide readers with a more complete view of the Company’s future operations. The Company’s actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated in the forward-looking statements will occur or occur, or if one of them does this, what benefits the company will get from it. These forward-looking statements are made as of the date of this press release and, except as required by applicable securities laws, the Company disclaims any intention or obligation to publicly update any forward-looking statements, whether as a result of new information, future events or results or otherwise.

Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.


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