Max Resources Shares Rise After Sponsorship Announcement

Mining stocks are trading mostly green today on the TSXV. There is one, in particular, Max Resources Corp. (TSXV:MXR) (OTCQX:MXROF), that is leading both the TSXV and OTCQX today for most positive trade volume.

Let’s take a closer look at why Max Resources shares have sprung up today on the TSXV and OTCQX.

Max Resources Sponsorship Announcement

Max Resources is a mining and exploration company based out of Vancouver, British Columbia. The company explores mineral properties in Canada and the US. The company runs its mining operations in the under-explored northern section of the Andean Copper belt in Columbia. 

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Max Resources announced this morning that it has reached an agreement with Star Finance. Star Finance is a private company based out of Steinhausen, Switzerland and Cologne, Germany. This new sponsorship agreement will give Max Resources European communication services. 

The announcement explains:

“Star Finance has advised the Company that it does not hold any direct or indirect interest in the Company or its securities, or any right to acquire any such interest. The arrangement will have a 12-month term at a cost of 5,000 EUR per month, with certain prepayment discounts possible.”

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Max Resources explains all funds for this communication exposure will be paid out from working capital within the company. This agreement is still pending TSX Venture Exchange approval. 

MXR and MXROF Stock Movement

According to Yahoo Finance, MXR is trading at $0.245 a share, up +$0.065 (+36.11%). Today, the company has had over $6.2 million poured into its shares on the TSXV alone. On the OTCQX, MXROF is trading at $0.188 a share, up +$0.05 (+36.96%). The company is seeing far less trade volume on the smaller US market.

With the latest news, what do you think is going to happen next to Max Resources?

Featured Image: Twitter