ORGANIMAX INCREASES $0.20 FINANCING $1.1 MILLION
Vancouver, British Columbia – February 10th, 2021 – Organimax Nutrient Corp. (TSX-V: KMAX) (“OrganiMax” or “the Company”) is pleased to announce that due to overwhelming demand it has increased its previously announced private placement financing (the “Financing”) from $500,000 to $1.1 million.
Subject to the approval of the TSX Venture Exchange, the Company undertake a non-brokered private placement of up to 5.5 million units at a price of $0.20 per unit for gross proceeds of up to $1,100,000. Each unit shall be comprised of one common share in the capital of the Company and one half of a common share purchase warrant, with each full warrant entitling the holder to purchase an additional common share of the Company at a price of $0.30 per share at any time within two years of the date of issuance. All securities to be issued under this private placement will be subject to a four- month resale restriction.
No finders’ fees or commissions will be payable with the financing.
The Company intends to close the private placement immediately following the satisfaction of customary closing conditions, including receipt of all regulatory approvals. Net proceeds of this private placement are for general working capital purposes, due diligence of the Government Gulch project, and to maintain its lithium – sulphate potash (Li-SOP) project in Mexico.
About OrganiMax Nutrient Corp. (KMAX.V)
OrganiMax Nutrient Corp is an exploration company that has a 100%-owned lithium and potassium bearing salar complex of mineral concessions in the Central Mexican Plateau located in the states of Zacatecas, and San Luis Potosi. 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 be discovered at depth. The Company is targeting Sulfate of Potash (SOP) and Lithium Carbonate (LCE) and boron for both the domestic and international markets.
The Company has announced a maiden sediment mineral resource estimate (MRE) of both lithium and potassium at its three salars. Highlights 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 Li
- a contained 12.3 million tonnes (Mt) of Sulfate of Potash (SOP) and 243,000 tonnes of lithium carbonate equivalent (LCE);
- Sampling is restricted to 5 metre depths in most areas therefore there is good exploration potential to increase the Mineral Resource at depth and also extending the sampling to the edge of the salar basins where sampling has not taken place;
- Geophysical surveys completed suggest there is potential for additional similar layers of potassium or 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 be discovered at depth.
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 RESPONSIBILITY 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 management, 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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