Drilling at the Lawson project in Saskatchewan. Credit: Max PowerCanadian billionaire Eric Sprott has invested C$10 million in MAX Power Mining (CSE: MAXX; OTC: MAXXF) through a private placement, increasing his ownership from 17.6% to 19.5% of issued and outstanding shares on a non-diluted basis. MAX will issue 4 million units valued at C$2.50 a piece to 2176423 Ontario Ltd., a corporation owned by Sprott. MAX says it intends to use the additional money to advance its ongoing commercial validation drill program at Lawson and for “general corporate purposes,” including administration costs and marketing expenses. Investment finalizingOnce the private placement is completed, Sprott will be required to file an early warning report in connection with the acquisition.