In documents accompanying its interim results, Maxim said it is in the process of discussions with investors which were part of a syndicate that previously made indicative investment orders.
The pre-revenue oil and gas junior, which currently has assets in Morocco, reported a C$227,726 loss for the three month period to September 30 and ended the quarter with C$89,571 of cash and equivalents.
Efforts to conclude an acquisition and new partnership for assets in the United Arab Emirates was a key focus during recent months.
A co-operation agreement was signed between Maxim and its new partner Quest Energy LLC at the end of October.
“The agreement forms the foundation for a strategic relationship between QE and Maxim, enabling the joint evaluation and potential acquisition of oil and gas projects that either company is considering,” Maxim highlighted.
It added: “The intention is that cash flow or near term cash flow will be a strong focus for the opportunities considered under the terms of the agreement.”