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Overview
Strategic investment of wholly owned subsidiary of Western Mining Group Ltd. ("Western Mining"). Western Mining entered into a non-brokered private placement of Maxy for CAD 2,250,000
- 1,875,000 units priced at CAD 1.20 per Unit. Warrant exercisable for a period of two years from closing at CAD 2.00 per share.
- Maxy will have the right to earn a 50% interests in certain base and precious metal properties owned by Western Mining through one subsidiary mining enterprise in Huangnan prefecture of Qinghai province and in some other province, operator and manager at the exploration stage.
- Western mining, right to earn back a 15% interest by completing a feasibility study and by developing the mine.
- Western Mining, one of the largest mining conglomerates in China, is based in the province of lead, zinc, copper and other non-ferrous metal resources. In 2007, WMC (subsidiary) went IPO on the Shanghai exchange and raised US $816 million. The Chairman of Western Mining, Mao Xiaobing, is member of Maxy's Board of Directors.
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