Maxus Mining Completes Successful CDN $3.6 Million Placement
Maxus Mining's Successful Private Placement
Maxus Mining Inc. (CSE: MAXM | FRA: R7V) has recently achieved a significant milestone by completing a non-brokered private placement. This undertaking has successfully garnered gross proceeds of CDN $3,605,770, thanks to the issuance of 10,302,200 units, priced at $0.35 each. This strategic move is anticipated to enhance the company’s exploration capabilities and general operational capacities.
Details of the Offering
With the offerings, each unit consists of one common share and one transferable common share purchase warrant. Holders of these warrants can purchase additional shares at an exercise price of $0.46 within the next 24 months. Furthermore, the offering has included finder’s fees amounting to $252,403.90 and retroactively, 721,154 finder’s warrants were provided to third-party participants who facilitated the placement.
Allocation of Proceeds from the Offering
The funds raised will be allocated primarily towards exploration activities on the company's numerous mineral properties. This placement aims to not only bolster general working capital but also to expedite the progress of ongoing exploration efforts across its diverse portfolio of mineral projects.
Exploration Projects Overview
Maxus is dedicated to mineral exploration across promising jurisdictions and is actively advancing a robust portfolio. Their holdings encompass 9,921 hectares of mineral-rich terrain. This includes three antimony projects alongside the notable Penny Copper Project, covering 3,123 hectares, and the Lotto Tungsten Project, which spans an additional 422 hectares.
Penny Copper Project Insights
The Penny Copper Project has a rich history of exploration, dating back over a century. Recent geological sampling activities have returned significant copper values—reporting up to 2,388 parts per million in certain grab samples. This promising data highlights the area’s potential, especially considering its proximity to Kimberley's historical Sullivan Mine, a site that continues to attract both junior and major mining entities due to its mineral wealth.
Antimony Projects: Quarry and Altura
The Quarry Antimony Project is located in British Columbia and showcases compelling historical assay results. Notably, a 1980 grab sample returned remarkable values of 20% antimony and other valuable metal content. Additionally, the Altura Antimony Project is positioned strategically to leverage recent high-grade findings in the area, with assays indicating natural occurrences of antimony at impressive grades.
Company’s Future Outlook
Looking ahead, Maxus Mining is poised to leverage the fresh wave of funding towards expanding its exploration initiatives. This undertaking not only amplifies its operational capacity but also signals a solid commitment to uncovering further economic mineral assets, bolstering Canadian mineral exploration efforts. The mineral market continues to show promise, with increasing demand for key metals, and Maxus is strategically aligned to capitalize on these trends.
Frequently Asked Questions
What is Maxus Mining's focus area?
Maxus Mining is a mineral exploration company focusing on locating and developing economic mineral properties across promising jurisdictions.
How much did Maxus Mining raise in its private placement?
The company successfully raised gross proceeds of CDN $3,605,770 from its recent private placement.
What will the proceeds be used for?
The proceeds from the offering will primarily be allocated to exploration activities on the company's properties and for general working capital purposes.
What are some key projects of Maxus Mining?
Key projects include the Penny Copper Project, Quarry Antimony Project, and Lotto Tungsten Project, among others.
How can I contact Maxus Mining for more information?
You can reach out to Scott Walters, CEO, at +1 (778) 374-9699 or via email at info@maxusmining.com.
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