{kanada_flagge}That’s something no one will be able to replicate quickly: Max Resource Corp. (TSXV: MAX; FRA: M1D2) just closed a placement with more than 100 percent premium to the previous financing at the end of March this year – in this kind of market. One can only take one’s hat off to that. On the message boards, CEO Brett Matich is being hailed as a rock star.
Max Resource has now closed the final portion of its CAD 17.7 million private placement. The majority of this capital increase was placed by the company itself with investors, a total of CAD 4.3 million was raised on a broker and private placement basis through Cormark Securities Inc. Now this part of 2.5 million units at a price of 0.60 CAD has also been completed in parallel to the private placement of 1,500,000 units for total gross proceeds of CAD 2.4 milllion. Including the CAD 15.3 million previously secured, the total gross proceeds to the Company from the entire placement thus total CAD 17,700,000.
Each Unit consists of one common share of the Company (a “Common Share”) and one common share purchase warrant (a “Warrant”). Each Warrant entitles the holder to purchase one common share of the Company at an exercise price of $0.85 for a period of 12 months from the date of issue.
Max paid Cormark a cash commission equal to 6% of the gross proceeds of the Brokered Offering and issued 150,000 Broker Warrants to Cormark. Each broker warrant entitles the holder to purchase one common share at an exercise price of CAD 0.85 for a period of 12 months from the date of issuance. In addition, in connection with the non-brokered offering, Cormark received from the Company a total brokerage fee of C$54,000 and a total of 90,000 broker warrants.
Conclusion Max Resource Corp. is now financially well positioned to grow the newly discovered Cesar copper-silver project in Colombia to district scale. The Cesar project is located along the Colombian portion of the largest producing copper belt in the world (Andean Belt), with world-class infrastructure and the presence of major global companies (Glencore and Chevron).
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