Mentioned:
Eric Sprott is deepening his bet on a natural hydrogen company in Canada. And he’s putting up millions of dollars to do it.
What’s happening:
- Billionaire mining financier and entrepreneur Eric Sprott is making a new strategic equity investment of $10M CAD into MAX Power Mining (CSE: MAXX)
By the numbers:
- MAX Power Mining will issue 4M common shares at a price of $2.50 CAD and 4M warrants with an exercise price of $3.25 CAD per share as part of the new financing
Why it matters:
- MAX Power Mining is one of the first publicly traded companies in North America to confirm a subsurface natural hydrogen system after the successful testing of a well drilled near Central Butter, Saskatchewan which is widely considered to be Canada’s first ever natural hydrogen drilling discovery
Going deeper:
- MAX Power Mining just recently successfully acquired new permits covering 155,125 acres located adjacently to their flagship Lawson Project in Saskatchewan to pursue new exploration
- Eric Sprott previously notably made a strategic investment of $25M CAD into MAX Power Mining at $2.00 CAD per share
The intrigue:
- Eric Sprott will own 19.5% of the issue and outstanding equity in MAX Power Mining on a non-diluted basis following the closing of his $10M equity investment
