VANCOUVER, British Columbia, Feb. 18, 2022 (GLOBE NEWSWIRE) — MAX Power Mining Corp. (“MAX Power” or the “Company”) is pleased to provide a corporate update after trading of its common shares commenced Wednesday, February 16, 2022 on the Canadian Securities Exchange (CSE) under the symbol “MAXX”.
Highlights:
- Drill crews will be mobilizing to the Nicobat Property in early March to carry out a program that will test geophysical conductors potentially related to massive sulphide mineralization;
- Due diligence is being carried out on multiple properties to potentially add another project to the Company’s portfolio;
- Mr. Mark Scott, who has a strong track record of success with both senior and junior mining companies, has joined the MAX Power Board of Directors.
Mr. Rav Mlait, CEO of MAX Power, commented: “On behalf of the Board and the entire team at MAX Power, I’m very excited that we are now a publicly traded company on the CSE through a successful initial public offering (IPO) that raised $1.5 million. This is a significant milestone in the development of MAX Power after it was launched as a private exploration entity in early 2021. We have a dynamic retail shareholder base and a team dedicated to success both on the ground and in the market.”
Mr. Mlait continued, “Our immediate focus is the under-explored Nicobat Project in Northwest Ontario’s Rainy River district, host to New Gold’s Rainy River gold mine. Nicobat is our listing property acquired from Sassy Resources which currently owns 18% of MAX Power. Our upcoming drill program will be targeting high-grade nickel-cobalt-copper-PGE mineralization based on geophysical conductors never previously tested at Nicobat. The Company is also evaluating additional potential high impact opportunities in the broader resource space that could be a strategic fit for MAX Power during this commodity bull cycle.
“We welcome Mark Scott to our Board of Directors. He’s an accomplished industry veteran who was Vice President of Vale Canada and head of its Manitoba Nickel Division before becoming the founding CEO for three successful juniors – Sassy Resources Corporation (“Sassy”), Gander Gold Inc. (a reporting issuer to be listed on the CSE) and privately held Galloper Gold Corp. Mark will help us immensely as we leverage MAX Power’s advantages to the max,” Mr. Mlait concluded.
MAX Power Share Structure
MAX Power features an attractive share structure with a total of only 27,781,250 shares currently issued and outstanding including 6 million from the 25-cent IPO. A total of 10,556,250 shares (38% of the issued and outstanding) are subject to escrow provisions. The only warrants outstanding are 540,000 broker warrants related to the IPO, and 1 million warrants held by Sassy that formed part of the terms for the Nicobat Project acquisition (refer to May 31, 2021 Sassy news release for further details).
The MAX Power Team
- Rav Mlait (CEO, Director) has extensive experience in managing and raising capital for public and private companies in the technology and mineral exploration sectors;
- Mark Scott (Director) is the founding CEO of CSE-listed Sassy Resources. Prior to leading Sassy which became public in 2020, he was Vice President of Vale Canada and oversaw all aspects of the company’s Manitoba nickel operations;
- Bryan Loree (CFO, Corporate Secretary, Director) has held various senior accounting roles for public and private companies in multiple industries including renewable energy, exploration, and construction;
- Thomas Clarke, P.Geo, PrSciNat. (Director) is an entrepreneur and professionally registered geologist who holds a Master of Science degree from the University of the Witwatersrand (South Africa). His focus has been on gold, platinum group metals, copper, and energy projects;
- William deJong (Director) is a lawyer at Fasken Martineau DuMoulin LLP’s Securities and Mining practice groups. He advises in matters relating to financings, mergers/acquisitions, corporate governance, continuous disclosure, stock exchange listings and other matters;
In addition, Ronacher McKenzie Geoscience based in Sudbury, Ontario, provides MAX Power with industry leading expertise in data integration, analysis and interpretation, geophysical interpretation, and machine learning.
Qualified Person
The technical information in this news release has been reviewed and approved by Thomas Clarke, P.Geo., and Director for MAX Power Mining Corp. Mr. Clarke is the Qualified Person responsible for the scientific and technical information contained herein under National Instrument 43-101 standards.
Corporate Presentation
MAX Power’s corporate deck is available on the home page of the Company’s website (MaxPowerMining.com) and can also be viewed by visiting the following URL:
https://maxpowermining.com/MaxPowerMiningCorp.pdf
About MAX Power
MAX Power is a dynamic exploration stage resource company currently engaged in the identification, acquisition and exploration of high-grade projects in mining-friendly jurisdictions. Its current focus is the Nicobat Project in Northwest Ontario’s Rainy River district that hosts New Gold’s Rainy River gold mine.
Contact: Bryan Loree, [email protected] or 778-655-9266
Cautionary Statements
Forward Looking Statements: This press release contains “forward‐looking information or statements” within the meaning of Canadian securities laws, which may include, but are not limited to statements relating to the date of first trading in the Company’s common shares and its future business plans. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements do not guarantee future performance and actual results may differ from those in the forward-looking statements. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.
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