Eric Sprott increases MAX Power Mining stake to 24.35%

Canadian investor Eric Sprott has increased his stake in MAX Power Mining Corp. to 24.35% after exercising more than 12 million warrants. The transaction resulted in approximately $6 million in proceeds for the company.

The capital injection is intended to accelerate the company’s commercial validation drilling program at the Lawson natural hydrogen project located near Moose Jaw, Saskatchewan. CEO Ran Narayanasamy stated that the project is currently ahead of schedule and under budget as they work to delineate a large natural hydrogen system.

While the natural hydrogen industry remains speculative due to concerns regarding economic viability and concentration levels, the company aims to achieve the first large-scale commercial discovery of natural hydrogen at the Lawson complex.