REGINA, Saskatchewan, May 21, 2026 (GLOBE NEWSWIRE) -- MAX Power Mining Corp. (CSE:MAXX, OTC:MAXXF, FSE: 89N)) ("MAX Power" or the "Company") is pleased to announce that it has arranged a strategic non-brokered private placement (the "Private Placement") with Mr. Eric Sprott for gross proceeds to the Company of $25 million. This Private Placement is for 12,500,000 units ("Units") of the Company at a price of $2.00 per Unit through 2176423 Ontario Ltd., a corporation beneficially owned by Mr. Sprott.
Each Unit will consist of one common share in the capital of the Company (each, a "Common Share") and one Common Share purchase warrant (each, a "Warrant"). Each Warrant will entitle Mr. Sprott to purchase one Common Share (each, a "Warrant Share") at a price of $2.75 per Warrant Share for a period of 24 months following the closing date of the Private Placement. All securities issued in connection with the Private Placement will be subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation.
Mr. Ran Narayanasamy, MAX Power CEO, stated: "We are honoured to have Mr. Sprott's continued support as MAX Power advances Canada's first subsurface Natural Hydrogen system in Saskatchewan, with the Lawson discovery now in the commercial evaluation phase leading to near-term follow-up drilling. Eric's $25 million investment in MAX Power accelerates and further de-risks our goal of becoming the first company in the world to make a large-scale commercial discovery of Natural Hydrogen, an emerging new primary energy source."
Mr. Narayanasamy concluded, "Given the potential scale of Lawson, and the broader Genesis Trend, Grasslands and other projects in Saskatchewan, this financing positions us to build significant additional shareholder value at a time when global attention is rapidly shifting toward Natural Hydrogen as a potential new category of scalable clean energy."
The Company intends to use the net proceeds of the Private Placement for: 1) Follow-up drilling at the Lawson Complex; 2) Modelling and estimation of the resource potential and near-term commercial development prospects at Lawson; 3) Further acquisition of 2D and 3D seismic data over prospective areas across MAX Power's Saskatchewan land package; (4) Drilling of additional targets in Saskatchewan, including near-term well completion at Bracken; 5) Acquisition of additional permitted ground; 6) Continued development of the Company's proprietary AI-empowered Large Earth Model Integration (MAXX LEMI) Platform with potential global application for efficient targeting of Natural Hydrogen deposits; 7) General corporate purposes, including administrative and marketing expenses.
The Private Placement remains subject to approval of the Canadian Securities Exchange and other applicable regulatory approvals and is expected to close on or around May 28, 2026. No finder's fees or commissions will be payable in ...
