MAX Power Mining Corp. has completed its non-brokered private placement with Eric Sprott, raising gross proceeds of $10 million to fund ongoing commercial validation drilling at the Lawson Complex in Saskatchewan.

The transaction involved the issuance of 4,000,000 units at a price of $2.50 per unit through 2176423 Ontario Ltd., a corporation beneficially owned by Mr. Sprott. Each unit consists of one common share and one purchase warrant, with each warrant entitling the holder to purchase an additional share at $3.25 for 24 months. Final approval of the placement remains pending with the Canadian Securities Exchange, and all securities issued are subject to a four-month plus one day statutory hold period.

Net proceeds from the financing will support the company's ongoing commercial validation drill program and general corporate requirements. MAX Power received the drilling license for Canada's first dedicated natural hydrogen well at the Lawson target in October 2025.

“We are grateful for Eric’s continued confidence in MAX Power and our mission to unlock the commercial potential of Natural Hydrogen. This investment enables us to accelerate our validation drilling at the Lawson Complex, bringing us closer to demonstrating the viability of this transformative energy source.” — Ran Narayanasamy, CEO

A special meeting of shareholders is scheduled for August 20, 2026, where disinterested shareholders will consider an ordinary resolution to approve the creation of Mr. Sprott as a control person of the company. Under a supplementary agreement, Mr. Sprott has agreed to refrain from exercising any warrants that would push his shareholdings above 19.9% unless and until the requisite shareholder and stock exchange approvals are secured.

Following the completion of the financing, Mr. Sprott indirectly owns and controls 34,984,979 common shares and 28,638,548 warrants, representing approximately 19.5% of the issued and outstanding common shares on a non-diluted basis, or 30.5% on a partially diluted basis assuming the exercise of all warrants.

Read the full announcement: MAX Power Closes $10 Million Strategic Investment From Eric Sprott to Advance Commercial Validation at Lawson