FRIDAY SEPTEMBER 3, 2010 – VANCOUVER, B.C., CANADA, Maxim Resources Inc., (“Maxim” or the “Company”), (TSXV:MXM, Frankfurt:M5H, OTCBB: MXMSF), is pleased to announce that it has completed a first tranche of a non-brokered private placement and issued 1,316,000 Units at $0.20 per Unit for gross proceeds of $263,200. Each Unit consists of one common share and one-half share purchase warrant. Each whole warrant is exercisable to acquire an additional common share in the capital of the Company at $0.30 per share until August 25, 2011. The shares and any shares acquired on exercise of the warrants are subject to a hold period expiring December 26, 2010. Finder’s fee totalling $9,440 have been paid to non arms length parties.
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. Maxim presently has a Revenue Interest in Trinidad which calls for 69% revenue override until payout and 41% override thereafter for funds invested. This Revenue Interest is attached to 5 producing wells. Maxim has an option to participate in an ongoing drill program totalling 42 wells over 1,000 plus acres as noted and licensed by PetroTrin, the Trinidadian Petroleum Authority.
Issued on behalf of the Board of Directors of
Maxim Resources Inc.
President & CEO
(604) 630-0280 or toll free at 1-888-882-8891
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 forward-looking 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.