July 6, 2010 – VANCOUVER, B.C., CANADA, Maxim Resources Inc., (“Maxim” or the “Company”), (TSXV: MXM Frankfurt: M5H OTCBB: MXMSF), announces that, subject to regulatory approval, it has arranged a private placement of up to 5,000,000 post-consolidated Units at $0.20 per Unit. Each Unit consists of one post-consolidated
common share and one-half share purchase warrant. Each whole warrant will entitle the holder to purchase an additional post-consolidated common share at $0.30 per share for a one year period.
On June 25, 2010 the Company announced that it was proceeding to complete a share consolidation of one new post-consolidation share for every existing 4 pre-consolidation shares. The consolidation is to be effected as soon as practicable, with the record date for the consolidation being set following the receipt of all required regulatory approvals. Maxim currently has a total of 70,487,966 common shares issued and outstanding. In the event the required regulatory approvals are obtained, following the consolidation there are expected to be 17,621,992 post-consolidation shares outstanding.
Proceeds from this private placement will be used for ongoing development of the Company’s South Erin Block in Trinidad and for general working capital. A finder’s fee
may be payable.
About Maxim – Maxim presently holds an indirect net revenue interest in five producing wells in Trinidad which provides for 69% of net revenues until payout and 41% of net revenues after payout. In addition, Maxim has an option to participate in an ongoing drill program of up to 42 wells over a land base in excess of 1000 acres, subject to all required approvals from Trinidad regulatory authorities.
Issued on behalf of the Board of Directors of
Maxim Resources Inc.
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward‐looking information and a description of risk factors that may cause actual results to differ materially from forwardlooking information can be found in the company's disclosure documents on the SEDAR website at www.sedar.com. The company does not undertake to update any forward‐looking information except in accordance with applicable securities laws.