Maxim Resources Inc.
OTC Bulletin Board : MXMSF

Maxim Resources Inc.

June 27, 2008 12:00 ET

Maxim Increases Financing and Closes Final Tranche

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 27, 2008) - Maxim Resources Inc. (TSX VENTURE:MXM)(OTCBB:MXMSF)(FRANKFURT:M5H) announced today that its non-brokered private placement is over subscribed and has been increased to 19,229,900 units for total proceeds of $3,461,382. Maxim also announced the closing of the second and final tranche consisting of the issuance of 13,018,234 units for proceeds of $2,343,282 with each unit being comprised of one common share and a warrant entitling the holder to acquire one additional common share at a price of $0.25 per share on or before June 27, 2009.

Finder's fees consisting of $189,682, 100,000 units and 596,437 Finder's Warrants will be paid in connection with the final tranche of the private placement. Each Finders Warrant allows the holder to purchase one unit at an exercise price of $0.18 per unit on or before June 27, 2009. Each unit consists of one common share and a warrant to purchase an additional common share at $0.25 per share on or before June 27, 2009.

The securities issued pursuant to the final tranche of the private placement have a hold period expiring October 28, 2008.

On behalf of the Board

Arthur Brown, CEO

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

Contact Information

  • Maxim Resources Inc.
    Arthur Brown
    (604) 630-0280 or Toll Free: 1-888-882-8891
    (604) 688-7846 (FAX)
    First Canadian Capital Corp.
    Investor Relations
    (416) 742-5600 or Toll Free: 1-866-580-8891