Manganese-focused Maxtech Ventures Inc.(CSE:MVT) announced that it has raised C$877,110 via a private placement. The company issued just over 2.5mln units at 35 cents each.
Each unit consisted of one share and one share purchase warrant entitling the holder to acquire an additional share for 45 cents for two years from closing.
Maxtech also said it had received the final Juina claims geological review - a key element to the Guia process in Brazil, which will allow the Juina claims to move into production. The claim is composed of manganese mineralisation where the outcrops are well exposed within the area.
The mean levels obtained on this claim were 50% manganese metal.
"We are looking forward to going into production in Juina and expanding our claims in the region," said Peter Wilson, chief executive. "The additional capital received will support our activities in Brazil. We will continue working with our strategic relationships and seek additional offtake partnerships as we expand operations."
Maxtech will next focus on the lavra mining licence and the potential reserve measure of the entire Brasnorte Project.
Maxtech shares shed 1% to C$0.50.