MAX Minerals Ltd.

July 06, 2010 19:39 ET

MAX Closes Acquisition of Varenna Energy Ltd.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 6, 2010) - MAX Minerals Ltd. (TSX VENTURE:MJM) (the "Company") announced today that it closed its Acquisition of Varenna Energy Ltd. ("Varenna"). In consideration of the Acquisition, MAX issued 11,331,750 common shares to the Shareholders of Varenna, in exchange for all of the issued and outstanding shares of Varenna. MAX will now have approximately $5.8 million of working capital to be used to develop the Company's properties and pursue new opportunities. The Acquisition has been accepted by the TSX Venture Exchange.

The shares issued will be subject to a four-month and a day hold period, which hold period expires on November 7, 2010 in accordance with applicable securities laws.

In connection with the closing of the Acquisition, Andriyko Herchak has resigned as President but remains CFO of the Company, and Stephen Stanley has resigned as CEO of the Company. Ron Wiebe has been appointed as President and CEO in their place. Matthew Mason has resigned as a director of the Company. The board of directors wishes to thank Matthew Mason for his service to the Company.

MAX Minerals Ltd.

Andriyko Herchak, CFO

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

Contact Information

  • MAX Minerals Ltd.
    Andriyko Herchak
    604-684-9277 (FAX)
    MAX Minerals Ltd.
    Ron Wiebe