MAX Power Mining Corp. (CSE: MAXX; OTC: MAXXF; FRANKFURT: 89N) announced the closing of its previously announced private placement, raising approximately C$20.5 million in gross proceeds through the sale of 15,805,624 units at C$1.30 per unit. The financing was led by renowned investor Eric Sprott, with Hampton Securities Limited acting as lead agent and sole bookrunner.
The company stated that the proceeds will be used to support ongoing evaluation and development of its Lawson Natural Hydrogen discovery in Saskatchewan, including analytical testing, resource modeling, seismic acquisition, and additional drilling. Funds will also be allocated for general corporate purposes as MAX Power advances what management believes to be a scalable natural hydrogen opportunity across its extensive land position.
This financing is a pivotal moment for MAX Power, as it provides the capital necessary to further delineate Canada's first-ever subsurface natural hydrogen system confirmed through deep drilling. Data from the discovery has been validated by three independent labs. The company has built a dominant district-scale land position in Saskatchewan, with approximately 1.3 million acres (521,000 hectares) of permits and an additional 5.7 million acres under application, covering prime exploration ground prospective for large-volume accumulations of natural hydrogen.
Beyond natural hydrogen, MAX Power holds a portfolio of properties in the United States and Canada focused on critical minerals, highlighted by a 2024 diamond drilling discovery at the Willcox Playa Lithium Project in southeast Arizona, which is 100%-owned by MAX Power's U.S. subsidiary.
The involvement of Eric Sprott, a prominent figure in the resource sector, underscores the potential of MAX Power's natural hydrogen project. Natural hydrogen, also known as white hydrogen, is generated naturally within the Earth's crust and offers a low-carbon energy source. The successful closing of this placement positions MAX Power to potentially become a key player in the emerging natural hydrogen industry.
For more information, the full press release is available at https://ibn.fm/i6DhC. Updates on the company are also available in its newsroom at https://ibn.fm/MAXXF.
