Maximus Share Purchase Plan raises $707,500

The recently closed non-renounceable share purchase plan of South Australian gold play Maximus Resources, which closed on Wednesday 4th May 2011, raised a total of $707,500 before costs.

This represents approximately 41.6 million new shares to be issued to the 112 participating shareholders.

Proceeds from the SPP will be used principally to fund completion of the detailed review of the
Narndee suite of gold and base metals tenements, located in the gold producing, Mount Magnet region of Western Australia.

The funds will enable Maximus to commence field exploration programs on recently identified targets on Narndee, as well as providing the company general working capital.

The SPP offered a maximum take‐up of 90,129,311 shares for a total of $1.5 million.

“Notification to shareholders will commence on Wednesday 11th May and new shares quoted on the
ASX effective Thursday 12th May 2011,” Maximus said in an announcement.

“New shares issued through subscriptions via the SPP are ordinary fully paid shares and will rank equally with existing Maximus ordinary shares.”

The Board of Directors of Maximus said the result was pleasing, given the current turmoil in the investment market and remains enthusiastic about the significant upside potential at Narndee following the recent interrogation of the TEM survey and ground gravity data.