Maxus Mining closes $2.6-million private placement

Executive Summary

• Maxus Mining Inc. has closed its non-brokered private placement of flow-through shares, raising gross proceeds of $2,600,500.10.
• The company issued 2,364,091 flow-through shares at a price of $1.10 per share.
• Proceeds are designated for incurring eligible Canadian exploration expenses on the company's project portfolio, with qualifying expenditures renounced to subscribers effective December 31, 2025.

Key Details

• Transaction Structure: Non-brokered private placement of flow-through shares (FT).
• Shares Issued: 2,364,091 flow-through shares.
• Price Per Share: $1.10 CAD.
• Gross Proceeds: $2,600,500.10.
• Use of Proceeds: To incur eligible Canadian exploration expenses qualifying as flow-through mining expenditures under the Income Tax Act (Canada) related to the company's projects in Canada.
• Renunciation Terms: All qualifying expenditures will be renounced in favour of subscribers effective December 31, 2025.
• Finder’s Fees: Aggregate cash finders' fees of $155,700 paid to GloRes Securities Inc.
• Lock-up Period: All securities issued are subject to a statutory hold period of four months and one day.
• Company Portfolio Overview:
  • Total prospective terrane: ~15,342 hectares.
  • Antimony Projects: 9,165 hectares (includes Quarry, Alturas, and Hurley projects).
    • Quarry: Historical sample assayed 0.89 ppm Au, 3.8% Cu, 0.34% Zn, 42.5% Pb, 0.65 ppm Ag, and 20% Sb.
    • Alturas: Recent discovery with high-grade naturally occurring antimony assays up to 69.98% Sb.
    • Hurley: Neighbors Endurance Gold Corp.'s Reliance project; 2024 drilling returned 19.2% Sb and 2.16 ppm Au over 0.5m.
  • Penny Copper Project: 3,123 hectares near the Sullivan mine in Kimberley, B.C. Recent work includes rock sampling and mapping. 2017 grab samples returned copper values up to 2,388 ppm Cu.
  • Lotto Tungsten Project: 3,054 hectares. 1980 grab sample from quartz vein with scheelite assayed 10.97% WO3.

Notable Quotes

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