VANCOUVER, British Columbia, Feb. 15, 2022 (GLOBE NEWSWIRE) — MAX Power Mining Corp. (CSE: MAXX) (“MAX Power” or the “Company”) is pleased to announce that it has completed its initial public offering (the “IPO”) of common shares (the “Shares”) in the capital stock of the Company. MAX Power issued 6,000,000 Shares that were qualified 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 purchasers in British Columbia, Alberta and Ontario. The net proceeds of the IPO will primarily be used to fund exploration on the Company’s Nicobat Property (the “Nicobat Property”) consisting of 165 non-contiguous mining cell claims covering nearly 22 sq. km 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 the agent for the IPO on a commercially reasonable efforts basis and received a cash commission, a corporate finance fee and reimbursement of its expenses in connection with the IPO. In addition, Leede and members of its selling group received an aggregate 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 be listed for trading on the Exchange on February 16, 2022 under the stock symbol “MAXX”.
Additional information about the Company, the IPO, and the Nicobat Property, 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 Chief Executive Officer of the Company and a director; Bryan Loree, the Chief Financial Officer and Corporate Secretary of the Company and a director; Thomas Clarke, a director; and Bill deJong, a director.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any 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 “U.S. Securities Act”), or any U.S. state securities laws and may not be offered or sold in the United States or to U.S. persons except in compliance with the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws or pursuant to an exemption therefrom.
About the Company
MAX Power Mining Corp. is engaged in the acquisition, exploration, and evaluation of mineral properties. MAX Power is the holder of exploration licences to explore an area covering approximately 22 sq. km in northwestern Ontario’s Rainy River district.
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 in the Company’s common shares and its future business plans. All statements in this release, other than statements of historical facts, 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”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ from those in the forward-looking statements. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including those set out 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 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.