/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO
U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
(IN CANADIAN DOLLARS UNLESS OTHERWISE
STATED)
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.
The net proceeds of the Offering will be used for drilling and
exploration of the Company's Cesar Project in Colombia and general working capital.
The Offering is subject to certain conditions including, but not
limited to, the receipt of all necessary regulatory and other
approvals including the approval of the TSX Venture Exchange (the
"TSXV") and is scheduled to close on or about May 31, 2022.
Cormark will be entitled to a cash fee and compensation warrants
on the sale of Units under the Brokered Offering in accordance with
the policies of the TSXV.
This new release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act"),
or any state securities laws and may not be offered or sold within
the United States or to or for the
account or benefit of a U.S. person (as defined in Regulation S
under the U.S. Securities Act) unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
About Max Resource Corp.
Max Resource Corp. (TSXV: MAX) is a mineral exploration company
advancing the newly discovered district-scale Cesar copper-silver
project. The Cesar project sits along the Colombian portion of the
world's largest producing copper belt (Andean belt), with world
class infrastructure and the presence of global majors (Glencore
and Chevron).
In addition, Max controls the RT Gold project (100% earn-in) in
Peru, encompassing a bulk tonnage
primary gold porphyry zone, and 3-km to the NW, a gold bearing
massive sulphide zone. Historic drilling in 2001, returned values
ranging 3.1 to 118.1 g/t gold over core lengths ranging from 2.2 to
36.0-metres.
Source: NI 43:101 Geological Report Rio Tabaconas Gold
Project for Golden Alliance Resources Corp. by George Sivertz, Oct.3, 2011
For more information visit: https://www.maxresource.com/
Cautionary Statement on Forward-Looking Information
This news release contains forward-looking information and
forward-looking statements under applicable securities laws, which
information and/or statements relate to future events or future
performance (including, but not limited to, the size of the
Brokered Offering and the Non-Brokered Offering, the proposed use
of proceeds and the anticipated closing date thereof) and reflect
management's current expectations and assumptions. Such
forward-looking information and statements reflect management's
current beliefs and are based on assumptions made by and
information currently available to the Company. Readers are
cautioned that such forward-looking information and statements are
neither promises nor guarantees, and are subject to risks and
uncertainties that may cause future results to differ materially
from those expected including, but not limited to, the availability
of financing, market conditions and future prices for copper, gold
and silver, changes in personnel, actual results of exploration
activities, environmental risks, operating risks, accidents, labour
issues, delays in obtaining governmental approvals and permits, and
other risks in the mining industry. All the forward-looking
information and statements made in this news release are qualified
by these cautionary statements and those in our continuous
disclosure filings available on SEDAR at
www.sedar.com. The forward-looking information and
statements in this news release are made as of the date hereof and
the Company does not assume any obligation to update or revise them
to reflect new events or circumstances save as required under
applicable securities legislation.
Neither the 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.
SOURCE Max Resource Corp