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breaking mining stock news issues news for hydrogen exploration stock
MAX Power Mining Corp. (CSE: MAXX; OTC: MAXXF; FRANKFURT: 89N).
The stock is trading at 2.4300 +0.1500 (+6.58%) on news.
MAX Power Mining Corp. reports that, further to its May 21, 2026
news release, it has closed its strategic non-brokered private
placement (the “Private Placement”) with Mr. Eric Sprott for gross
proceeds of $25 million. The Private Placement consisted of
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.
Mr. Ran Narayanasamy, MAX Power CEO, commented: “We thank Eric for
his continued strong support of MAX Power and our objective of
confirming the world’s first large-scale commercial discovery of
Natural Hydrogen. With over $40 million in the treasury, we’re
ready to execute an aggressive, disciplined approach at the Lawson
Complex and elsewhere across our Saskatchewan holdings to maximize
upside potential for shareholders in this unique situation.”
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.
Private Placement Terms
Each Unit consisted 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 entitles 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 from the closing
date of the Private Placement. All securities issued in connection
with the Private Placement are subject to a statutory hold period of
four months plus one day from the date of issuance, in accordance
with applicable securities legislation. The Private Placement is
subject to the final approval of the Canadian Securities Exchange.
Mr. Sprott currently holds more than 10% of the issued and
outstanding Common Shares. As a result, his participation in the
Private Placement constituted a “related party transaction” within
the meaning of Multilateral Instrument 61-101 – Protection of
Minority Securityholders in Special Transactions (“MI 61-101”). The
Company relied on the exemptions from the formal valuation and
minority shareholder approval requirements under sections 5.5(a) and
5.7(1)(a) of MI 61-101, respectively, as the fair market value of
the Units issued to Mr. Sprott, and the consideration paid by him,
did not exceed 25% of the Company’s market capitalization.
Early Warning Disclosure
As required by National Instrument 62-103 -
The Early Warning System and Related Take-Over Bid and Insider
Reporting Issues
(“NI 62-103“), Mr. Sprott has filed an Early
Warning Report in connection with his acquisition of the Units
pursuant to the Private Placement.
Prior to the completion of the Private Placement, Mr. Sprott,
through 2176423 Ontario Ltd., a corporation wholly-owned and
controlled by Mr. Sprott, with a registered address at Suite 1106, 7
King Street East, Toronto, ON M5C 3C5, indirectly owned and
exercised control over 18,484,979 Common Shares and 12,138,548
Warrants, representing approximately 12.3% of the issued and
outstanding Common Shares (on a non-diluted basis) or 18.8% of the
issued and outstanding Common Shares (on a partially diluted basis,
assuming exercise of the Warrants).
Following the completion of the Private Placement, Mr. Sprott
indirectly owns and exercises control over 30,984,979 Common Shares
and 24,638,548 Warrants, representing approximately 19.0% of the
issued and outstanding Common Shares (on a non-diluted basis) or
29.6% of the issued and outstanding Common Shares (on a partially
diluted basis, assuming exercise of the Warrants). Pursuant to the
terms of a supplementary agreement, Mr. Sprott has agreed to refrain
from exercising Warrants that would result in his shareholdings
exceeding 19.9% of the issued and outstanding Common Shares unless
requisite shareholder, stock exchange and regulatory approvals have
been obtained.
The Units were acquired for investment purposes. Mr. Sprott
currently has no other plans or intentions that relate to, or would
result in, the matters listed in clauses (a) to (k) of item 5 of
Form 62-103F1. Mr. Sprott has a long-term view of the investment and
may acquire additional securities of the Company, dispose of some or
all of the existing or additional securities he holds or will hold,
or may continue to hold his current position, depending on market
conditions, reformulation of plans and/or other relevant factors,
subject in each case to applicable securities law.
A copy of the Early Warning Report filed by Mr. Sprott with respect
to the foregoing will appear on the Company’s profile on the System
for Electronic Document Analysis and Retrieval+ (“SEDAR+”) at
www.sedarplus.ca.
The securities offered under the Private Placement have not been and
will not be registered under the United States Securities Act of
1933, as amended, or any applicable state securities laws, and may
not be offered or sold in the United States absent registration or
an applicable exemption from registration. This news release does
not constitute an offer to sell or a solicitation of an offer to
buy, nor will there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful.
Figure 1 – Drilling Photo From Lawson, Genesis Trend (Nov.
2025)
Recent Videos
Genesis Explained: Its “Salt Barrier” Advantage and Proximity to Demand
The Genesis Trend’s Industrial Corridor
https://youtube.com/shorts/IAgALH_s3mI
Lawson – Canada’s First Big Step into Natural Hydrogen
MAX Power Leaps at Lawson
Watch the Drill in Action
MAX Power Saskatchewan Natural Hydrogen Documentary Video
History in The Making at Lawson – Video Immediately Ahead of
Drill Rig Setup
Full news
https://www.globenewswire.com/news-release/2026/05/29/3303533/0/en/max-power-closes-25-million-strategic-investment-from-eric-sprott-to-accelerate-commercial-evaluation-at-lawson.html
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