MAX Power Closes $1.9 Million Private Placement

VANCOUVER, British Columbia, May 16, 2024 (GLOBE NEWSWIRE) -- MAX Power Mining Corp. (CSE: MAXX; OTC: MAXXF; FRANKFURT: 89N) (“MAX Power” or the “Company”) reports that it closed the previously announced non-brokered private placement (originally announced on May 3, 2024 and increased on May 7, 2024). Pursuant to the offering (the "Offering") the Company issued an aggregate of 9,745,744 units (the "Units") at a price of $0.195 per Unit for gross proceeds to MAX Power of $1,900,420.

Mr. Rav Mlait, MAX Power CEO, commented: “This private placement with strategic investors positions MAX Power extremely well for success in 2024.”

Private Placement Terms

Each Unit consists of one common share in the capital of the Company (a “Share”) and one-half of one non-transferable common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each whole Warrant is exercisable to acquire one Share at an exercise price of $0.30 per Share for a period of 24 months from the date of issuance, subject to an acceleration clause described in this news release.

Acceleration Clause

If at any time after the date of issuance of the Warrant, the closing price of the Company’s common shares on the Canadian Securities Exchange (or such other stock exchange on which the common shares may be traded from time to time) is at or above $0.50 (CDN) per share for a period of 10 consecutive trading days (the “Triggering Event”), the Company may, within 5 days of the Triggering Event, accelerate the expiry date of the Warrants by giving notice thereof to the holders of the Warrants, by way of news release, and in such case the Warrants will expire on the first day that is 30 calendar days after the date on which such notice is given by the Company announcing the Triggering Event and all rights of holders of such Warrants shall be terminated without any compensation to such holder.

Additional Details

The Offering was completed in accordance with National Instrument 45-106 - Prospectus Exemptions ("NI 45-106"), the Offering was made to purchasers who are residents in each of the Provinces of Canada, except Quebec, pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the "Exemption"). The securities offered under the Exemption will not be subject to a hold period in accordance with applicable Canadian securities laws.