News Release - Friday, May 25, 2007
Maximus Ventures announces its Financial Results for the Second
Quarter Ended March 31, 2007, Appointment of CFO and Option Grant
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Maximus Ventures Ltd. (the "Company") announces that its Interim
Consolidated Financial Statements and Management's Discussion &
Analysis for the quarter ended March 31, 2007 have been filed on Sedar
(www.sedar.com). They are also available through CCN Matthews' website
at www.ccnmatthews.com and on the Company's website
(www.maximusventures.com).
Financial Highlights (in Canadian dollars) for the quarter include
total exploration expenditures of $1.2 million on its projects in
Nunavut, Ontario and Nevada, administration costs of $409,000, interest
income of $43,000 and a gain of $219,000 on the disposal of marketable
securities. The Company completed in March 2007 a brokered private
placement for the issue of 10,000,000 flow-through common shares for
net proceeds of $4.3 million and issued during the quarter 3,316,666
shares following the exercise of warrants for cash proceeds of
$663,000. Also, the Company granted to certain employees options to
purchase 400,000 common shares of the Company.
The Company had cash and short-term investments of $7.2 million at
March 31, 2007. The Company has 62,058,996 common shares issued and
outstanding, 3,561,500 warrants outstanding at an exercise price
varying between $0.45 and $0.60 per share, expiring at various dates
from November 2007 to September 2008 and 3,700,000 outstanding stock
options at an exercise price varying between $0.10 and $0.40 and
expiring by February 2012.
Appointment of CFO and Option Grant
Mr. François Viens, President and CEO of Maximus Ventures Ltd., is
pleased to announce the appointment of Mr. Alain Krushnisky as Chief
Financial Officer of the Company. Mr. Krushnisky has been involved in
the gold mining industry for over 15 years with significant experience
in the controllership and corporate finance areas. Mr. Krushnisky holds
a degree in accounting from the University of Ottawa and is a member of
the Canadian Institute of Chartered Accountants.
Ms. Elaine Bennett, who has resigned as CFO of the Company, will remain
on the board of Maximus and continue as Chair of the Audit Committee.
On behalf of the Board and the other members of management, Mr. Viens
would like to thank Ms. Bennett for her contribution to the Company.
Mr. Krushnisky has been granted an option to purchase 200,000 common
shares of the Company at the market closing price on May 23rd 2007. The
option has a 5-year term with vesting over an 18-month period.
This announcement is made in compliance with the policies of the
TSX-Venture Exchange. The appointment of Mr. Krushnisky and the option
grant are subject to the approval of the TSX-Venture Exchange.
Additional information
Additional information about the Company is available through regular
filings and press releases on SEDAR and on the Company's website.
For further information please contact:
Maximus Ventures Ltd.
François Viens, President & CEO
Telephone: (450) 677-1009
Facsimile: (450) 677-2601
Email: fviens@maximusventures.com
Website: www.maximusventures.com
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
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Copyright (c) 2007 MAXIMUS VENTURES LTD. (MXV) All rights reserved.
For more information visit our website at
http://www.maximusventures.com/ or send mailto:info@maximusventures.com
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