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ASX Announcement
11 December 2015
Maximus Security Purchase Plan (SPP) Result
Maximus Resources Limited (ASX: MXR) is pleased to announce that following completion of the Security Purchase Plan, a total of $276,000 was received resulting in 138 million fully paid ordinary shares being issued to existing shareholders. MXR now has 1,108,407,498 ordinary shares on issue.
Funds raised from the SPP will be used to continue progress on the Spargoville gold tenements, progress exploration at Narndee and provide working capital for the company.
For further information contact
Kevin Malaxos on 08 7324 3172 [email protected]
Further information relating to Maximus Resources Limited and its diversified exploration projects will be found on Maximus' website: www.maximusresources.com
Maximus - Tychean Spargoville Farm-in Agreement
Maximus signed a Farm-in Agreement with Tychean Resources Ltd (ASX:TYK) in August 2015 to secure up to 90% of the Spargoville Gold Project, located 70 kilometres south of Kalgoorlie in Western Australia's Eastern Goldfields, within 3 years.
Maximus has increased its equity in the project to 51% after investing $200,000 in in-ground exploration. Maximus will manage all future exploration activities and expenditure allocations and can increase equity in the tenements to 90% by investing a further $600,000 in exploration expenditure within 3 years from commencement of the Farm-in Agreement.
Tychean retains 10% equity in the Spargoville Project up to a decision to mine, at which point it can contribute to project costs on a pro-rata basis or elect to convert its equity into a 1.5% Net Smelter Royalty, with Maximus controlling 100% of the Tychean equity in the Spargoville Project.