MAX Power Mining Corp. closed a C$5 million private placement on December 17, bringing in a new strategic investor from Vietnam to speed up natural hydrogen work in Saskatchewan. The cash comes from Big Energy Joint Stock Company, part of the Bitexco group, and is tied to a broader technical partnership in the province.
MAX Power says the deal supports a multi‑well program on what it calls Canada’s largest permitted land position for natural hydrogen, about 1.3 million acres. The shares trade on the Canadian Securities Exchange, known as the CSE.
The company framed the move as a step toward early field development in 2026, subject to results and permits, in a new domestic energy niche that is drawing global attention.
Vietnamese capital targets natural hydrogen
Natural hydrogen refers to hydrogen generated in the subsurface by geologic processes, then trapped in rock layers, which differs from hydrogen made in plants from electricity or natural gas. Saskatchewan’s first dedicated test of this resource is underway at MAX Power’s Lawson target along the Genesis Trend.
In late November, MAX Power reported that the Lawson well reached a depth of 2,278 metres and encountered natural hydrogen in multiple horizons, with analysis and follow‑up tests ongoing. Those checks will determine concentrations and potential flow.
A second location at Bracken, near the Montana border, is moving through seismic and licensing as part of the same program. This work is still early, but it is the first structured effort of its kind in Canada.
“We are on the cusp of another clean energy breakthrough,” MAX Power CEO Ran Narayanasamy said.
Canada’s Ambassador to Vietnam added context on the bilateral angle. “Canada is delighted to see this partnership,” Jim Nickel said.
Deal terms and next steps
Under the financing, Big Energy bought 16,666,666 units at C$0.30 per unit, each with one common share and one‑half warrant. Each whole warrant is exercisable at C$0.45 for 24 months, with an acceleration clause tied to MAX Power’s share price.
The parties also signed an investor rights and shareholder agreement that includes pro‑rata participation and certain board nomination rights, subject to ownership thresholds.
On closing, Big Energy held 13.95 percent of MAX Power on a non‑diluted basis and 19.56 percent on a fully diluted basis. An early warning report will be filed, as required under Canadian securities rules.
Board alignment is also part of the tie‑up. MAX Power says Dr. Phung Khac Hoan, Big Energy’s general director, will join its board, subject to exchange approval and final documentation.
The company plans to apply the new funds to testing at Lawson and advancing Bracken toward drilling. Work programs will include completions, more geophysics, and permitting.
Results from Lawson will guide the next wells along the Genesis Trend. The focus is squarely on Saskatchewan’s subsurface potential and the build‑out path to first power over time.
