Investor Sprott pledges more support for Canada’s first natural hydrogen system
Canadian energy and resources exploration company Max Power Mining Corporation has arranged a strategic non-brokered private placement with prominent Canadian investor Eric Sprott that will raise $25-million.
Each of the 12.5-million units issued to Sprott at a placement price of $2 apiece will comprise one common share in the capital of Max and one common share purchase warrant, entitling Sprott to purchase one additional common share at a price of $2.75 for two years.
“We are honoured to have Sprott’s continued support as we advance Canada’s first subsurface natural hydrogen system in Saskatchewan, with the Lawson discovery now in the commercial evaluation phase leading to near-term follow-up drilling.
“The latest placement accelerates and further derisks our goal of becoming the first company in the world to make a large-scale commercial discovery of natural hydrogen – an emerging new primary energy source,” says Max CEO Ran Narayanasamy.
He adds that given the potential scale of Lawson, and the broader Genesis Trend, Grasslands and other projects in Saskatchewan, this financing positions Max to build significant additional shareholder value at a time when global attention is rapidly shifting toward natural hydrogen as a potential new category of scalable clean energy.
The company’s immediate priorities include follow-up drilling at the Lawson Complex; modelling and estimation of the resource potential and near-term commercial development prospects at Lawson; further acquisition of seismic data over prospective areas across Max’s Saskatchewan land package; drilling of additional targets in Saskatchewan, including near-term well completion at Bracken; acquisition of additional permitted ground; and continued development of the company's proprietary AI-empowered Large Earth Model Integration Platform.
Pending Canadian Securities Exchange approval, the private placement is expected to close on or about May 28.
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