MAX Power Closes $10M Placement with Eric Sprott, Stake Rises to 19.5%
MAXXF has more than doubled off its 52-week low of $0.196.
Summary
MAX Power Mining closed a $10 million non-brokered private placement with Eric Sprott, issuing 4 million units at $2.50 each. This is a second, smaller investment from Sprott following the $25 million placement in May, bringing his ownership to 19.5% non-diluted or 30.5% partially diluted. Proceeds will fund the commercial validation drill program at the Lawson Complex. A special shareholder meeting on Aug. 20 will vote on approving Sprott as a control person, reflecting his growing influence. The stock trades near its 52-week high of $2.17, and the placement price of $2.50 represents a premium to the current market price, signaling strong investor demand.
At the time of this announcement, MAXXF was trading at $2.11 on OTC in the Energy & Transportation sector, with a market capitalization of approximately $294.1M. The 52-week trading range was $0.20 to $2.17. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: FinanceWire.