Max Power garners more investment from major shareholder Sprott
Natural hydrogen explorer Max Power Mining Corporation has entered into a strategic private placement financing agreement with Canadian billionaire investor Eric Sprott for gross proceeds of $10-million.
The placement will comprise of four-million units at a price of $2.50 apiece, with each unit consisting of one common share and one common share purchase warrant - to purchase an additional share at $3.25 apiece for 24 months following closing of the placement.
Max Power intends to use the net proceeds of the placement to advance its ongoing commercial validation drilling at the Lawson Complex, in Saskatchewan, and for general corporate purposes.
Prior to the placement Sprott beneficially owned 17.6% of the company's issued and outstanding shares on a non-diluted basis and about 27.8% on a partially diluted basis - assuming the exercise of all warrants. After the placement, Sprott will own about 19.5% of the company's issued and outstanding share capital on a non-diluted basis, and about 30.5% on a partially diluted basis.
Max Power intends to host a special meeting of shareholders on August 20 at which disinterested shareholders will be asked to consider and approve an ordinary resolution approving Sprott as a control person of the company.
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