Max Resource Corp (TSXV: MAX) is now cashed up and ready to drill test its flagship Cesar copper-silver project in Colombia. The firm this morning announced that it has closed a major financing.
The financing saw the company raise total gross proceeds of $15.3 million via a non-brokered private placement. The offering saw units sold at a price of $0.60 per each, with each unit containing one common share and one common share purchase warrant. Warrants are valid for a period of twelve months and contain an exercise price of $0.85 per share.
Proceeds from the offering are to be used to fund the firms inaugural drill program at the Cesar property, as well as for further exploration of the property. Funds are also to be used for general working capital purposes.
Max Resource last traded at $0.56 on the TSX Venture.
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