2021-06-04 19:10 ET – News Release
Mr. Peter Wilson reports
MAXTECH ANNOUNCES FLOW-THROUGH UNIT PLACEMENT AND COMMON SHARE UNIT PLACEMENT CLOSINGS
Maxtech Ventures Inc. has closed non-brokered private placements totaling $945,250.
The company raised $548,999.94 by the issuance of 9,149,999 units at six cents per unit. Each unit consists of one common share and one warrant exercisable for three years at 10 cents. These units were issued on a flow-through basis entitling the subscriber to CEE deductions for the 2021 tax year.
In addition the company raised $396,250.03 by the issuance of 7,204,546 units at 5.5 cents per unit. Each unit consists of one common share and one warrant exercisable for three years at 10 cents.
Qualified finders were paid finders’ fees of $26,302.50 and issued 455,742 finders’ warrants entitling the holder to subscribe for a common share for 10 cents for three years from closing. An additional qualified finder was paid the equivalent of $36,015 in 5.5-cent units, for a total of 654,818 units.
Securities issued on this closing will be subject to a statutory hold period until Oct. 5, 2021. Proceeds will be used to continue work on the company’s St. Anthony gold project.
About the St. Anthony gold project
The St. Anthony gold mine is located in the Kenora-Patricia mining district of Ontario and encompasses four historical mining operations including the largest past-producing mine in the area, the St. Anthony. The mine produced 63,310 ounces of gold from 332,720 tons for an average grade of 5.95 grams per tonne (or 0.191 ounce per ton) up until World War II when gold production was halted. (source: technical report on the St. Anthony and Best/King Bay properties, prepared by Graeme Evans BSc, PGeo, June 16, 2015). The property consists of 233 contiguous claims totalling 4,224 hectares (42.24 square kilometers). In addition to the historical underground workings over 20 gold (minus silver) occurrences have been documented, some hosting visible gold, many of which have seen little if any exploration work for several decades. Previous workers in the area include Aubet, Can Con and Falconbridge, companies that carried out work focused on the bulk tonnage potential of a mineralized area hosted within a quartz-feldspar porphyry intrusive located within the property. The St. Anthony gold project is located 85 km east of the town of Sioux Lookout, or 13 km south of the smaller town of Savant Lake.
Andrew Tims obtained his BSc in geology from Carleton University in Ottawa, Ont., and is a registered professional geologist in Ontario and Manitoba and a qualified person under National Instrument 43-101. He has reviewed and approved the technical contents of this news release.
About Maxtech Ventures Inc.
Maxtech Ventures, a Canadian-based diversified industries corporation, is focused on identifying and advancing high-value mineral properties.