CLOSES FIRST TRANCHE OF FINANCING FOR $1,200,000
Max Resource Corp. (MXR.V) closed a first tranche of its non-brokered private placement offering, as previously announced on June 17, 2019, for total gross proceeds of $1.2-million.
The Company has allotted and issued 12,000,000 units at a price of $0.10 per unit. Each unit is comprised of one common share and one-half of one transferable share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share of the Company for a period of up to 24 months at a price of $0.15.
In connection with the Placement, the Company paid total finder's fees of $80,080 and issued an aggregate 800,800 non-transferable broker warrants. Each broker warrant entitles the holder to acquire one common share of the Company at an exercise price of $0.15 for a period of 24 months from closing.
The Company intends to use the proceeds from the Placement towards advancing the Company's North Choco gold-copper and Choco gold-platinum projects and for general working capital purposes. The securities issued under the Placement will be subject to a four-month and one-day hold period expiring on November 10, 2019. The Placement remains subject to the final approval of the TSX Venture Exchange.
About Max Resource Corp.
Max is a mineral exploration company focused on the development and expanding its landholdings in the rich Choco mineral belt of Colombia. The Company has established significant exploration infrastructure and local community support for the Choco Gold-Platinum project, located 100 km SW of Medellin, which covers, or is adjacent to, historic production of 1.5 million ounces of gold and 1.0 million ounces of platinum. The North Choco Gold-Copper project lies adjacent to the Choco Gold-Platinum project. The Gachala copper project is located 60 km east of Bogota. The Company is led by a seasoned management team with a record of significant discovery and exploration success.