Maxim Reaffirms Previously Announced Share Exchange Financingadmin
TORONTO, ONTARIO–(TheNewswire.ca – February 27, 2014) – Maxim Resources Inc. ("Maxim" or the "Company") (TSX V: MXM Frankfurt: MSH OTCBB: MXMSF) is pleased to announce that it is proceeding with its previously announced financing arrangement by way of a share exchange agreement (the "Agreement"), as amended, with Global Resources Investments Ltd ("GRIL"), an arm’s length party to Maxim.
As disclosed in Maxim’s press release of November 7, 2013, GRIL is a United Kingdom-based Investment Trust established to invest in opportunities in the junior mining and natural resources sectors. GRIL’s investment objective is to generate medium and long-term capital growth through investment in diverse portfolios of primarily small and mid-capitalized natural resource and mining companies that are listed on various global stock exchanges through a 5 year closed ended fund.
GRIL will re-register as a public company and be constituted as an Investment Trust under the new name Global Resources Investment Trust Plc, ("GRIT"), and, concurrently, it is seeking admission of its ordinary shares on the main market for trading on the London Stock Exchange (the "LSE").
Maxim and GRIL have entered into the Agreement whereby Maxim will issue 5,500,000 common shares in the capital of Maxim (each, a "Common Share") to GRIL at a deemed price of $0.125 per Common Share (which equals a deemed price of approximately ?0.07464 per Common Share) in exchange for the issuance of 381,774 ordinary shares of GRIT (the "GRIT Shares") at a deemed value of ?1.00 per GRIT Share (or approximately $1.80 per GRIT Share). The estimated value of the GRIT Shares which will be issued to Maxim shall be approximately $687,500.
Upon approval TSX Venture Exchange and the listing of the GRIT shares on the LSE, Maxim will, at its election and in accordance with the terms of the Agreement, sell the GRIT Shares through the facilities of the LSE to in order realize the cash proceeds from the sale of these GRIT shares. Closing of the transaction is subject to a number of conditions precedent, including approval of the TSX Venture Exchange, and GRIT successfully listing on the London Stock Exchange.
Maxim is a junior oil and gas production and exploration company based in Vancouver, Canada. Maxim presently holds, through New Scotland Oil and Gas Limited, a 69% Net Revenue Interest in exploration and production of Jasmin within the South Erin Block, which cover 1,350 acres. After payout of the investment to Maxim, the Net Revenue Interest will reduce to 41%. Jasmin has drilled 5 wells to date and the exploration licenses for this Block allow for up to a further 42 wells to be drilled. For further information, please contact Arthur Brown, President and CEO of the Company at (604) 630-0280 or toll free at 1-888-882-8891. E-mail: firstname.lastname@example.org http://www.maximresources.com
On behalf of the Board
Arthur Brown, President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the company’s disclosure documents on the SEDAR website at www.sedar.com. The company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
Posted: February 27th, 2014 under ACCESSWIRE.