Max Power Mining Corp. announced a $10 million non-brokered private placement with investor Eric Sprott. The offering consists of 4,000,000 units priced at $2.50 per unit.
Each unit includes one common share and one purchase warrant. These warrants are exercisable at $3.25 for a period of 24 months.
The company will use the net proceeds to advance its commercial validation drill program at the Lawson Complex. Remaining funds will support general corporate purposes.
Mr. Sprott currently holds over 10% of the company's shares. This investment increases his existing stake and qualifies as a related party transaction under securities regulations.