Maxus Mining closes private placement raising CDN $3.6 million

Maxus Mining Inc. (CSE: MAXM) closed a non-brokered private placement raising gross proceeds of CDN $3,605,770, the company announced. The mineral exploration company issued 10,302,200 units at $0.35 per unit.

Each unit consists of one common share and one transferable warrant. The warrants allow holders to purchase additional shares at $0.46 each for 24 months from the closing date. The company paid finder's fees of $252,403.90 and issued 721,154 finder's warrants to arm's length parties.

Maxus stated it will use the proceeds for exploration on company properties and general working capital purposes. The shares issued under the offering are subject to a statutory hold period expiring four months and one day from the issuance date.

The Vancouver-based company operates a portfolio of exploration properties totaling approximately 9,921 hectares. This includes 6,376 hectares across three antimony projects, 3,123 hectares encompassing the Penny Copper Project, and 422 hectares from the Lotto Tungsten Project.

The Penny Copper Project is located near the former Sullivan Mine at Kimberley, British Columbia. A 2017 work program returned copper values up to 2,388 parts per million from grab samples.

At the company's antimony projects, historical samples have shown various mineral concentrations. The Quarry Antimony Project returned one historical sample with 20% antimony content, while the Lotto Tungsten Project saw a 1980 grab sample assay 10.97% tungsten trioxide.

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