Updates on Guia Application Mato Grosso, Brazil
Vancouver, British Columbia – March 12th 2018 – Maxtech Ventures Inc. (CSE: MVT) (Frankfurt: M1N) (OTC: MTEHF), (“Maxtech” or the “Company”) is pleased to announce that it has completed a non-brokered private placement with an offering comprised of 2,506,030 units of the corporation at a price of $0.35 per unit for aggregate gross proceeds of $877,110.
Each Unit in the raise was comprised of one common share of the company and one common share purchase warrant. Each warrant entitles the holder to acquire an additional common share at a price of $0.45 per share for a period of two years from the closing date and is subject to an acceleration clause that is triggered should the companies shares trade at or above $0.60 for 14 consecutive trading days. All securities issued pursuant to the offering will be subject to a hold period expiring July 10, 2018. Finder’s fees were paid in connection with the offering.
Additionally, 1,237,500 previously issued common share purchase warrants have been exercised since December 2017 for aggregate proceeds of $371,250.
Maxtech is in receipt of the final Juina claims geological review which is the key element to the Guia process of the Brazilian Departamento Nacional de Produção Mineral (DNPM). The Brazil based geologist noted that the claim is composed of manganese mineralization with structural characteristics of tectonic interleaving where the outcrops are well exposed within the area. The mean levels obtained on this claim were 50% manganese metal and the analyses was done by SGS Geosol Laboratorios LTDA., Belo Horizonte, Brazil and noted in the Company release of May 4th, 2017. The Guia approval will allow the Juina claims to move into production. The Company will next focus on the lavra mining license and the potential reserve measure of the entire Brasnorte Project.
Peter Wilson, CEO of Maxtech said, “We are looking forward to going into production in Juina and expanding our claims in the region. The additional capital received will support our activities in Brazil. We will continue working with our strategic relationships and seek additional offtake partnerships as we expand operations.”
About Maxtech Ventures Inc.
Maxtech Ventures Inc. is a Canadian based diversified industries corporation focused primarily on manganese mineral properties.
Further information about the Company is available on www.SEDAR.com under the Company’s profile.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements contained in this release may constitute “forward–looking statements” or “forward-looking information” (collectively “forward-looking information”) as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated”, “anticipates” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, the Property, financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.