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Eric Sprott ups stake in MAX Power Mining in $7.1M placement
The financing includes 4 million units priced at C$2.50 each and warrants exercisable at C$3.25 for 24 months after closing around Aug. 17, 2026.
Canadian billionaire Eric Sprott has increased his ownership in MAX Power Mining by investing C$10 million, or about $7.1 million, through a private placement, Mining.com reports. His stake rises from 17.6% to 19.5% on a non-diluted basis.
As part of the deal, MAX Power Mining will issue 4 million units valued at C$2.50 each to 2176423 Ontario Ltd., a corporation owned by Sprott. Each unit includes a common share and a share purchase warrant exercisable at C$3.25 for 24 months following the financing closing.
The private placement is expected to close on or around Aug. 17, 2026. MAX says it will use the proceeds to advance its Lawson natural hydrogen project in south-central Saskatchewan, including funding its commercial validation drill program, plus general corporate purposes.
MAX recently acquired permits to expand the Lawson project, which sits about 80 kilometres north of Moose Jaw. A shareholders meeting scheduled for Aug. 20, 2026 will vote on making Sprott a control person of the company, and if approved Sprott would assume the role after a four-month-and-one-day hold period under security legislation.