By Sheri Kasprzak
New York, March 17 - MaxTech Ventures Inc. said it intends to raise C$5 million in a non-brokered private placement.
The deal includes up to 2,631,578 units at C$1.90 each.
Each unit is comprised of one share and one half-share warrant. The whole warrants are exercisable at C$2.50 each for one year.
Proceeds will be used for exploration on the company's coal and coal bed methane projects in Indonesia, for exploration on the company's projects in Liberia and for exploration on the Pat claims in British Columbia. The remainder will be used for working capital.
Located in Vancouver, B.C., MaxTech is an oil and natural gas exploration company.
| Issuer: | MaxTech Ventures Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$5 million (maximum)
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| Units: | 2,631,578 (maximum)
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| Price: | C$1.90
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$2.50
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| Placement agent: | Non-brokered
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| Pricing date: | March 16
|
| Stock symbol: | TSX Venture: MVT
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| Stock price: | C$2.30 at close March 16
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