Commodities
Home›Commodities›Energy Transition›Sprott boosts Max Power Mining stake above 24% with wa…
Sprott boosts Max Power Mining stake above 24% with warrant exercise
Max Power said the transaction brings in more than C$6 million, and expects fresh field updates on its Lawson natural hydrogen drill program shortly.
Canadian billionaire Eric Sprott exercised more than 12 million warrants to raise his ownership in Max Power Mining, pushing his stake to 24.35% from 19.5%, Mining.com reported.
Max Power said it received more than C$6 million, or $4.32 million, from the warrant exercise. The update follows earlier investments in May and August worth $25 million and $10 million respectively.
The proceeds are intended to advance Max Power’s Lawson natural hydrogen project in Saskatchewan, where the company is running a multi-well drill program about 80 km north of Moose Jaw. Max Power said it is ahead of schedule and under budget while delineating a large natural hydrogen system as it triangulates the first deposit at the Lawson complex.
Max Power CEO Ran Narayanasamy said the early warrant exercise is designed to accelerate its commercial validation drilling, with additional updates expected from the field shortly. The company also said president and director Chad Levesque will present at the Clean Energy and Metals Virtual Investor Conference Thursday.