Max Resource Closes First Tranche of Financing for $1,200,000
Vancouver, July 9, 2019 - Max Resource Corp. (TSXV: MXR) (OTC Pink: MXROF) (FSE: M1D1) ("Max" or the "Company") is pleased to announce that it has closed the first tranche of a non-brokered private placement offering, as previously announced on June 17, 2019 (the "Placement"), for total gross proceeds of $1,200,000.
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.
For more information visit: https://www.maxresource.com/
For additional information contact:
Max Resource Corp.
T: (604) 290-8100
For Max Resource's French inquiries:
Remy Scalabrini, Maricom Inc.
T: (888) 585-MARI
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the TSXV. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the commercialization plans for Max Resources Corp. described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedar.com
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