Max Resource Corp.: Universal Copper Executes Definitive Agreement to Acquire 100% of the MAX Resource Corp. Gachala Copper Project North Block
TSX VENTURE: MXR
Vancouver, British Columbia--(Newsfile Corp. - April 24, 2019) - MAX RESOURCE CORP. (TSXV: MXR) (OTC PINK: MXROF) (FSE: M1D1) (MAX or the "Company"), further to the press release of February 20, 2019, is pleased to report that it has entered into an asset purchase agreement (the "Asset Purchase Agreement") with Universal Copper Ltd. (TSX Venture: UNV) ("UNV") and Gachala Columbia Corp., a wholly owned subsidiary of MAX, pursuant to which the UNV will acquire a 100% interest in the 7 mineral license applications comprising the North Block of MAX's Gachala Copper Project, 60 km east of Bogota, Colombia (the "Claims").
Under the terms of the Asset Purchase Agreement, MAX will receive 6,000,000 UNV common shares in exchange for the Claims. The closing of the Asset Purchase Agreement is subject to customary closing conditions including the receipt of third party and regulatory approval, the receipt of a satisfactory title opinion and the approval of the TSX Venture Exchange. Once issued, the 6,000,000 common shares will be subject to a hold period of four months and a day from the date of issuance.
On the closing of the Asset Purchase Agreement, UNV will have approximately 41,977,275 common shares issued and outstanding. UNV anticipates that, as a result of the transaction, MAX will own 14.3% of the issued shares and will become an insider of the Company.
About Max Resource Corp.
MAX is a mineral exploration company focused on the development and acquisition of prospective projects in the rich mineral belts of Colombia. The Company has established significant exploration infrastructure and local community support for the Choco Gold and Platinum Project, located 100 km south of Medellin, which covers or is adjacent to historic production of 1.5Mozs gold and 1.0Mozs platinum. The Company's Gachala Copper Project, is located 60 km east of Bogota. The Company is led by a seasoned management team with a track record of significant discovery and exploration success.
MAX cautions investors it has yet to verify the historic information.
For more information visit: https://www.maxresource.com/
For additional information contact:
Max Resource Corp.
T: (604) 290-8100
For Max Resource's French inquiries:
Remy Scalabrini, Maricom Inc.
T: (888) 585-MARI
Tim Henneberry, PGeo (British Columbia), a member of the Max Resource advisory board, is the qualified person who has reviewed and approved the technical content of this news release on behalf of the company.
No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release. Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the commercialization plans for UXD described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedar.com.