MAX Power Mining Corp. (CSE: MAXX; OTC: MAXXF; FRANKFURT: 89N) has successfully closed its strategic non-brokered private placement with Eric Sprott, securing gross proceeds of $10 million. The placement consisted of 4 million units priced at $2.50 each. The company plans to allocate the net proceeds toward advancing its commercial validation drill program at the Lawson Complex and for general corporate purposes.
Following the placement, Eric Sprott indirectly owns and controls approximately 19.5% of MAX Power's common shares on a non-diluted basis, or 30.5% on a partially diluted basis, assuming the exercise of his warrants. A special shareholder meeting has been scheduled for Aug. 20, 2026, to consider approving Sprott as a control person of the company.
MAX Power is an innovative mineral and energy exploration company focused on the shift to decarbonization. The company's Lawson Discovery near Central Butte, Saskatchewan, represents Canada's first-ever subsurface Natural Hydrogen system confirmed through deep drilling, with data validated by three independent labs. MAX Power has built dominant district-scale land positions across Saskatchewan, holding approximately 1.3 million acres (521,000 hectares) of permits covering prime exploration ground prospective for large-volume accumulations of Natural Hydrogen.
In addition to its Natural Hydrogen projects, MAX Power holds a portfolio of properties in the United States and Canada focused on critical minerals. These properties are 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 company is committed to responsible exploration and development practices that prioritize environmental stewardship, meaningful community engagement, and strong corporate governance.
The closing of this private placement is a significant milestone for MAX Power, providing the financial resources needed to accelerate its exploration and development activities. The investment by Eric Sprott, a prominent figure in the mining and resource sectors, underscores the potential of MAX Power's Natural Hydrogen assets and its strategic position in the transition to cleaner energy sources.
Investors and stakeholders can access the full press release for more details at https://ibn.fm/vVt2S. For the latest news and updates regarding MAX Power, visit the company's newsroom at https://ibn.fm/MAXXF.
