MAX Power raises $3.75 million from warrant exercise, schedules shareholder vote

MAX Power Mining Corp. (CSE: MAXX; OTC: MAXXF; FSE: 89N) announced that Big Energy, an affiliate of Vietnam-based Bitexco, completed the exercise of 8,333,333 share purchase warrants, generating $3.75 million in proceeds for the company.

The warrant exercise increases Big Energy's total common share position to 24,999,999 shares, representing 14.5% of MAX Power's outstanding shares. Following this transaction, MAX Power has 172,284,657 shares outstanding as of June 12, 2026.

The company will hold a special shareholders meeting on August 20, 2026, at 10:00 a.m. Pacific Time in Regina, Saskatchewan. Shareholders will vote on creating Eric Sprott as a control person of the company.

Sprott, through 2176423 Ontario Ltd., currently owns 30,984,979 common shares, representing 17.98% of outstanding shares. He also holds 24,638,548 warrants, or 61.37% of the 40,146,840 warrants currently outstanding. If all his warrants were exercised, Sprott would control 55,623,527 shares on a partially diluted basis.

Under Canadian Securities Exchange policies, exercising Sprott's warrants could constitute a transaction that materially affects control of the company, requiring disinterested shareholder approval. Sprott has agreed not to exercise warrants that would increase his holdings above 19.9% without first obtaining such approval.

The record date for voting eligibility is June 29, 2026, with proxy voting deadline set for August 18, 2026, at 10:00 a.m. Pacific Time. The board of directors recommends shareholders vote in favor of the control person resolution.

Other significant shareholders include REV Exploration (TSXV: REVX) with 6 million shares or 3.5% ownership.

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