Maxtech Closes on Second Tranche of Financings
Maxtech Closes on Second Tranche of Financings
Vancouver, British Columbia (May 7, 2020): Maxtech Ventures Inc. (“Maxtech” or the “Company” (CSE: MVT)
(Frankfurt: M1N) (OTC: MTEHF) is pleased to announce the closing of the second tranche (the "Secon d
Tranche") of its non -brokered private placement for total gross proceeds of $145,000 further to its March 11,
2020 news release. Combined with the closing of the first tranche of its non -brokered private placement,
Maxtech has raised a total of CAD$659,9 58 in gross proceeds from the sale of Flow through and Non Flow
through Units (the "Offering").
The company sold 1,705,882 Units in respect of the closing of the Second Tranche. In total for the Offering, the
Company has sold 3,275,294 non Flow through units (a "NFT-Unit") at a price of $0.085 per NFT-Unit, and a total
of 4,1057,406 Flow Through Units (the “FT -Unit”) at a price of $0.095 per FT -Unit. Each Unit consists of one
common share (a "Common Share") of the Company and one common share purchase warra nt (a "Warrant") of
the Company entitling the holder to purchase one Common Share within one years of each respective tranche
closing date at a price of $0.12 per Common Share.
Closing of the Second Tranche is subject to Exchange approval. The Common Share s and Warrants issued in
connection with the Second Tranche are subject to a four-month hold period.
The Company further announces that it has also issued additional shares in settlement of$102,500 of existing
debt through the issuance of 1,205,882 Common shares. Satisfying the outstanding indebtedness with shares is
being undertaken in order to preserve the Company's cash for operational purposes.
An insider debt settlement of $60,000 is exempt from the valuation and minority shareholder approval
requirements of Multilateral Instrument 61 -101 ("MI61-101") by virtue of the exemptions contained in sections
5.5(a) and 5.7(1)(a) of MI 61 -101 in that the fair market value of the consideration for the securities of the
Company to be issued to insiders does not exceed 25% of its market capitalization.
The proceeds for both tranches are intended to be used primarily to fund the exploration and drilling of the
Panama Lake Gold Project at Red Lake, Ontario, and for general corporate purposes.
About Maxtech Ventures Inc.
Maxtech Ventures Inc., a Canadian-based diversified industries corporation , is focused on identifying and
advancing high-value mineral properties.
For more information about MAXTECH VENTURES: http://www.maxtech-ventures.com
Email to [email protected]
Phone: 604-484-8989
Further information about the Company is available on www.SEDAR.com under the Company’s profile.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts
responsibility for the adequacy or accuracy of this release.Certain statements contained in this release may constitute “forward– looking statements” or “forward-
looking information” (collectively “forward -looking information”) as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian
laws. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated”,
“anticipates” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based
on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release
contains forward-looking information relating to the business of the Company, the Property, financing and certain corporate changes. The forward-looking information
contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should
not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.