02:57 PM EDT, 05/16/2024 (MT Newswires) -- MAX Power Mining Corp. ( MAXXF ) on Thursday closed the previously announced non-brokered private placement.

Pursuant to the offering the company issued an aggregate of near 9.746 million units at a price of $0.195 per Unit for gross proceeds to MAX Power of about $1.9 million. Its shares were last down $0.01 at $0.34.

CEO Rav Mlait said in a statement: "This private placement with strategic investors positions MAX Power extremely well for success in 2024."

Each Unit consists of one common share in the capital of the company and one-half of one non-transferable common share purchase 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.

MAX Power is a dynamic exploration stage resource company targeting domestic lithium resources to advance North America's renewable energy prospects while reviewing other strategic opportunities in the global shift to decarbonization.

Price: 0.34, Change: -0.01, Percent Change: -2.86