MAX Power Mining Corp. (CSE: MAXX) is pleased to announce that it has completed an oversubscribed and upsized non-brokered private placement financing for total gross proceeds of $1,854,000. The Company has issued 3,708,000 units at a price of CAD $0.50 per Unit. The Company had previously announced a $1,500,000 private placement on November 28, 2022.

CEO Mr. Rav Mlait stated, “The completion of this private placement with strategic investors builds upon MAX Power’s already strong cash position as we actively review potential high-impact opportunities in the lithium sector.”

Private Placement Terms

Each Unit consists of one common share of the Company and one half of one common share purchase warrant. Each Warrant will entitle the holder thereof to purchase one common share of the Company at a price of $0.85 for a period of 12 months following the closing date of the Private Placement.

The Warrants include an acceleration clause to the effect that if at any time after the statutory 4-month and one day hold period from the closing date, the daily volume weighted average closing price of the common shares on the Canadian Securities Exchange is at least $1.25 per share for a period of 10 consecutive trading days the Company may, within 5 days of the Triggering Event, accelerate the expiry date of the Warrants by giving notice thereof to the holders of the Warrants, by way of news release, and in such case the Warrants will expire on the first day that is 30 calendar days after the date on which such notice is given by the Company announcing the Triggering Event.

The Private Placement is subject to CSE approval. All Units are subject to a statutory hold period of four months and one day from the date of issuance of the Units. In addition, the Company has paid finder’s fees totaling $56,700 and issued an aggregate 113,400 finder’s warrants to arm’s-length parties, with each finder’s warrant entitling the holder to purchase one common share for a period of 18 months at a price of CAD $0.85. Proceeds from the Private Placement will be used for mineral exploration and working capital purposes.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or any state securities laws and may not be offered or sold in the United States unless registered under the 1933 Act and any applicable securities laws of any state of the United States or an applicable exemption from the registration requirements is available.

Stock Option Grant

The Company has granted 1,550,000 stock options of which 1,275,000 will be granted to directors, officers and consultants to the Company. The stock options, subject to standard holds and restrictions and regulatory approval, will have an exercise price of $0.81 and will expire after 5 years for directors and officers and 2 years for consultants. The Company’s board of directors also adopted a resolution amending its stock option plan to increase the number of shares to be offered under the Plan.