ORGANIMAX CLOSES $220,000 UNIT FINANCING
Vancouver, British Columbia: Organimax Nutrient Corp. (TSX-V: KMAX) (“OrganiMax” or “the Company”) announces that, further to its September 28, 2020 news release, it has received approval from the TSX Venture Exchange to close its Private Placement Financing and will be issuing 4,400,000 units (the “Units”)for gross proceeds of $220,000. Each Unit is comprised of one common share in the capital of the Company and one common share purchase warrant, with each full warrant entitling the holder to purchase one common share at a price of fifteen cents ($0.15) per share at any time within two years of the date of issuance. All securities to be issued under this private placement are subject to a four-month resale re- striction.
No finders’ fees or commissions are payable with the Financing.
Net proceeds of this private placement are for general working capital purposes, to maintain its SOP-lithium project in Mexico, and for the evaluation of new business opportunities.
About OrganiMax Nutrient Corp. (KMAX.V)
OrganiMax Nutrient Corp is an exploration company focused on advancing its 100%-owned potassium and lithium bearing salar complex of mineral concessions that comprise more than 4,000 hectares at the Central Mexican Plateau located in the states of Zacatecas, San Luis Potosi, Mexico. The Company has announced a maiden sediment mineral resource estimate (MRE) of both potassium and lithium at its three salars. High- lights include:
- 120 million tonnes (Mt) of Inferred Mineral Resources grading 4.6% potassium (K) and 380 ppm lithium (Li);
- a continuous high-lithium portion of La Salada salar containing 7 Mt grading 1,490 ppm
- a contained 12.3 million tonnes (Mt) of Sulfate of Potash (SOP) and 243,000 tonnes of lithiumcarbonate equivalent (LCE);
- Sampling is restricted to 5 metre depths in most areas therefore there is good exploration potentialto increase the Mineral Resource at depth and also extending the sampling to the edge of the salarbasins where sampling has not taken place;
- Geophysical surveys completed suggest there is potential for additional similar layers of potassiumor lithium enriched material to be found under the current pitting/drilling.
- Recent regional geophysical work has indicated that the depths of the salar basins may be much greater than previously thought, making the salars highly prospective for large brine aquifers to bediscovered at depth.
The Company is targeting Sulfate of Potash (SOP) as its primary product along with associated by-products Lithium Carbonate (LCE) and boron for both the domestic and international markets. SOP is a premium specialty fertilizer that is used in the production of high-value chloride sensitive crops such as fruits, vege- tables, and nuts.
On behalf of the Board of Directors of OrganiMax Nutrient Corp.,
Brandon Rook, President and Chief Executive Officer.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPON- SIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The information contained herein contains “forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of man- agement, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be “forward-looking statements.”
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