Vancouver, British Columbia (March 11, 2020): Maxtech Ventures Inc. (“Maxtech” or the “Company” (CSE: MVT) (Frankfurt: M1N) (OTC: MTEHF) is pleased to announce it has closed the first tranche of financings to begin the drill program on its Panama Lake Gold Project at Red Lake, Ontario.
Maxtech has closed the first tranche of a non-brokered private placement financing. The Company has issued 1,532,582 Non Flow-Through Units for a total of $129,504.50 being offered at a price of $0.085 per unit and an additional 4,585,037 million Flow-Through Units priced at $0.095 per unit for a total of $435,578.50
Each FT-Unit and NFT-Unit will consist of one common share in the Company and one share purchase warrant. Each warrant of either the FT-Units or the NFT-Units is exercisable to purchase one common share at $0.12 for one year from the date of closing. All the securities issued are subject to a four month hold period from the date of closing.
In connection with the financing, the Company will pay finder’s fees totaling $4,249 in cash, and will issue 288,135 finders NFT Units and 44,726 in finder’s warrants. The warrants having the same terms described above.
About Panama Lake Gold Project
Maxtech’s Panama lake + 11,000 hectare gold property is located just 60 km east of and on trend with Great Bear Resources’ “Dixie Lake” discovery. The property is located in the historic Red Lake Mining District in Ontario, Canada, which has produced more than 28 million ounces of high-grade gold.
About Maxtech Ventures Inc.
Maxtech Ventures Inc., a Canadian-based diversified industries corporation, is focused on identifying and advancing high-value mineral properties.
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.