Maximus sells seven million NFX Gold shares
2007-01-15 14:30 ET - News Release
Also News Release (C-NFX) NFX Gold Inc
Mr. Francois Viens of Maximus reports
MAXIMUS SELLS NFX GOLD INC. SHARES; ANNOUNCES EXERCISE OF WARRANTS; CORRECTION OF EXERCISE PRICE OF INCENTIVE OPTIONS
Maximus Ventures Ltd. has now sold a total of seven million common shares of the original eight million common shares of NFX Gold Inc. it acquired upon exercise of warrants issued under an option and joint venture agreement dated March 3, 2006, between Maximus and NFX in respect of the Larder Lake project, as described in a news release in Stockwatch dated July 7, 2006. Maximus now owns one million common shares of NFX.
The Larder Lake project consists of the Cheminis, Bear Lake and Fernland properties (all 100 per cent NFX owned) and the Barber Larder property (75 per cent NFX owned). Under the agreement, Maximus acquired the right to earn a 60-per-cent interest in NFX's interest at Larder Lake by expending $6-million on exploration thereon by Dec. 31, 2008.
Maximus sold the seven million NFX shares in tranches to Kodiak International Inc., pursuant to an option agreement, as amended, for gross proceeds to date of $3,385,000. Proceeds from the sale have been applied to repay the loan used by Maximus to acquire the NFX shares, as disclosed in the July 7, 2006, news release in Stockwatch. After repayment of the loan, the net proceeds to date to Maximus derived from the sale of the seven million NFX shares are approximately $1,246,500.
Exercise of outstanding maximus warrants
Maximus is pleased to announce that it has received gross proceeds of $663,333.20 in respect of the exercise of (3,316,666 NTD to be confirmed) common share purchase warrants with an exercise price of 20 cents and an expiry date of Jan. 11, 2007. A total 100 per cent of the warrants expiring on Jan. 11, 2007, were exercised.
Together with the proceeds from the sale of the NFX shares, this gives Maximus over $1.9-million in additional funds in its treasury, which it intends to use to advance its gold exploration projects at Hope Bay in Nunavut and at Larder Lake and its early stage gold-silver projects in Nevada.
The funds from the sale of the NFX shares and the exercise of the Maximus warrants put Maximus in a very strong cash position to continue exploration efforts and also pursue aggressively other exploration deals beneficial to the company and the shareholders says Francois Viens, president and chief executive officer of Maximus. With these funds, Maximus will now be able to attract top-level senior geologists as part of the staff and manage with greater efficiency the exploration programs. The combined effect will allow Maximus to grow rapidly and become a significant player in the exploration business.
Correction of exercise price of incentive options
Maximus announces that its news release in Stockwatch dated Dec. 28, 2006, contained an error on the pricing of the stock options granted. The one million incentive stock options that were granted on Dec. 28, 2006, were granted at the market price of 40 cents and not at a discounted price of 30 cents per share, as previously reported. The options remain exercisable up to Dec. 27, 2011.
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