May 11, 2022
VANCOUVER, BC, May 11, 2022 /CNW/ – Max Resource Corp. (TSXV: MAX) (“Max” or the “Company“) announces that it has entered into an agreement with Cormark Securities Inc. (“Cormark“), pursuant to which they have agreed to act as lead agent in connection with a brokered best efforts private placement offering of units of the Company (the “Units“) at a price of $0.60 per Unit for aggregate gross proceeds to the Company of up to $1.5 million (the “Brokered Offering“). In addition, the Company intends to close a non-brokered private placement offering of Units for gross proceeds of up to $15,300,000 (the “Non-Brokered Offering“, together with the Brokered Offering, the “Offering“), bringing the total aggregate gross proceeds to the Company of up to $16,800,000, inclusive of the Brokered Offering.
Each Unit will consist of one common share of the Company (a “Common Share“) and one Common Share purchase warrant (a “Warrant“). Each Warrant will entitle the holder to acquire one Common Share of the Company at an exercise price of $0.85 for a period of 12 months following the closing of the Offering.
The Company has granted to Cormark an option (the “Agent’s Option“), exercisable in whole or in part, in the sole discretion of Cormark, at any time up to 48 hours prior to the final closing date of the Brokered Offering, to purchase additional Units, in an aggregate amount not to exceed 10% of Units sold pursuant to the Brokered Offering, on the same terms and at the same price as the Units sold under the Brokered Offering, to cover over-allotments, if any, and for market stabilization purposes.