Powermax arranges $2.25-million private placement

Executive Summary

• Powermax Minerals Inc. announced a non‑brokered private placement of up to 1,315,789 units at $0.76 per unit and up to 1,388,888 flow‑through (FT) units at $0.90 per FT unit, targeting aggregate gross proceeds of up to $2.25 million.
• Each standard unit includes one common share and one warrant exercisable at $0.95 for 24 months; each FT unit includes one flow‑through common share and one FT warrant exercisable at $1.10 for 24 months.
• Proceeds will fund general working capital and exploration on the Cameron REE property (BC) and Atikokan REE property (ON); FT proceeds are earmarked for Canadian eligible exploration expenses.

Key Details

• Units Offered: Up to 1,315,789 standard units @ $0.76 per unit.
• Flow‑Through Units Offered: Up to 1,388,888 FT units @ $0.90 per FT unit.
• Aggregate Gross Proceeds Target: Up to $2.25 million.
• Unit Composition:
• Standard Unit – 1 common share + 1 common share purchase warrant (exercisable at $0.95 for 24 months).
• FT Unit – 1 flow‑through common share + 1 FT warrant (exercisable into a non‑flow‑through common share at $1.10 for 24 months).
• Use of Proceeds:
• General working capital, including financing exploration on the Cameron REE property (≈2,984 ha, BC) and Atikokan REE property (455 claims, ON).
• FT proceeds specifically to cover Canadian eligible exploration expenses under the Income Tax Act.
• Potential Upsizing: Company may increase placement size by up to an additional $750,000 based on market conditions.
• Finder’s Fees: May be paid in accordance with CSE policies.
• Closing Conditions: Subject to receipt of acceptance from the Canadian Securities Exchange (CSE).

Notable Quotes

(No CEO/President quotes were provided in the release.)