Max Iron Brazil Ltd. has received in-principle approval from the Australian Securities Exchange (ASX) to advance its plans for admission to the official list. The company intends to raise capital through an Initial Public Offering (IPO) and utilize the proceeds to further develop its Florália DSO Hematite Iron Ore Project in Brazil.
Max Iron Brazil Ltd. has received in-principle advice on suitability from the ASX to advance plans for admission to its official list. This announcement follows previous releases on December 12, 2024, January 2, 2025, January 7, 2025, January 9, 2025, and January 20, 2025. Max Brazil intends to lodge a Prospectus with the Australian Securities and Investments Commission in the first quarter of 2025. The company plans to raise capital through an Initial Public Offering ( IPO ) in Australia.
Max Brazil has already completed a pre-IPO placement, raising a total of AUD$2,500,000 from the issuance of 25,000,000 Ordinary Shares at a price of AUD$0.10 per share. The IPO is expected to raise a minimum of AUD$6,000,000 through the issuance of 30,000,000 Ordinary Shares at a price of AUD$0.20 per share, with a maximum potential of AUD$10,000,000 through the issuance of 50,000,000 Ordinary Shares at the same price.The IPO will give Max Brazil a significant boost, allowing it to advance its Florália DSO Hematite Iron Ore Project. Following the completion of the IPO, the company anticipates owning approximately 59% of the issued and outstanding Ordinary Shares if the minimum IPO is achieved, and 52% if the maximum IPO is realized. This ownership percentage could be reduced below 50% due to revised IPO terms, subsequent issuances, or other factors deemed acceptable by the company's board.Upon successful completion of the IPO and subsequent ASX listing, Max Brazil's Ordinary Shares will be available for trading on the Australian Stock Exchange, subject to Australian securities legislation and ASX rules and regulations. It's important to note that there is no guarantee that the proposed IPO or listing will proceed as outlined in this announcement. The net proceeds from the IPO are anticipated to be used, among other things, for the advancement of the Florália DSO Hematite Iron Ore Project. The closing of the IPO is contingent upon several conditions, including obtaining all necessary corporate and regulatory approvals. The IPO is classified as a 'Reviewable Disposition' under Policy 5.3 - Acquisitions and Dispositions of Non-Cash Assets of the TSX Venture Exchange, necessitating shareholder approval
MAX IRON BRAZIL LTD. IPO ASX LISTING FLORALIA DSO PROJECT IRON ORE MINING BRAZIL
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