Maxtech Ventures arranges $2-million private placement
Maxtech Ventures Inc (2) (C:MVT) (OTC:MTEHF)
Shares Issued 48,786,448
Last Close 4/27/2017 $0.37
Friday April 28 2017 - News Release
Mr. Peter Wilson reports
MAXTECH ANNOUNCES NEW FINANCING
Maxtech Ventures Inc. has arranged a new non-brokered private placement of up to $2-million.
Maxtech will issue up to five million units at 40 cents per unit, each unit comprising one common share in the capital of the company and one share purchase warrant.
Each warrant will entitle the holder to purchase one additional common share for a period of two years at an exercise price of 50 cents per share for the first year and at an exercise price of 60 cents thereafter. The warrants will be subject to an accelerated expiration period in the event the company's shares trade on a recognized exchange at more than 70 cents for a 14-day period, which will include days where no shares trade, after a period that is four months and a day from the issuance of the warrants.
The proceeds to be raised will be used for working capital and to further the company's plans to acquire additional manganese assets worldwide.
Maxtech has now amassed approximately 57,000 hectares of exploration claims in Brazil, which is one of the largest manganese mineral exploration claim sets in the country. The company's claims are located in the northern states of Mato Grosso and Amazonas.
"In addition to entering our second stage of exploration in Brazil, the company is actively reviewing potential acquisitions outside of Brazil in Northern Africa and Europe," said Peter Wilson, chief executive officer.
We seek Safe Harbor.
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