Mr. Doug Fulcher reports

MARITIME ANNOUNCES THE CLOSING OF THE $3.5 MILLION PRIVATE PLACEMENT

Maritime Resources Corp. has closed its non-brokered private placement previously announced on Oct. 11, 2018. The company has raised $3,502,959 through the issuance of a combination of 25,460,900 units at a price of 11 cents per unit and 5,402,000 flow-through units at a price of 13 cents per FT unit.

Each unit consists of one common share and one-half of one transferable common share purchase warrant. Each whole warrant will entitle the holder to acquire one common share of the company at a price of 15 cents per common share for a period of 24 months expiring Nov. 7, 2020.

Each FT unit consists of one common flow-through share and one-half of one transferable common share purchase warrant. Each whole FT warrant will entitle the holder to acquire one non-flow-through common share of the company at a price of 15 cents per common share for a period of 24 months expiring Nov. 7, 2020.

All warrants will include an acceleration clause that, if at any time after four months from the closing of the offering, if the closing price of the company's common shares on the TSX Venture Exchange is greater than 25 cents for 20 consecutive trading days, then the expiry date for the warrants and the warrants may, by notice in writing by the company, be accelerated to 30 days following the date that such notice is given.

The company issued a total of 2,152,791 finder units at a price of 11 cents per finder unit. Each finder unit comprises one common share and one-half of one non-transferable warrant. Each whole unit finder warrant is exercisable to purchase one common share of the company at a price of 15 cents per common share for a period of 24 months expiring Nov. 7, 2020.

The company also issued 2,152,791 finder warrants exercisable at a price of 11 cents for a period of 24 months expiring Nov. 7, 2020.

All securities issued are subject to a four-month hold period expiring March 9, 2019.

Dundee Resources Ltd. purchased $1.77-million of the financing and now, together with its affiliates, owns or controls approximately 18.54 per cent of Maritime Resources on an undiluted basis and 25.28 per cent on a partially diluted basis. As finder, Sprott Capital Partners, a division of Sprott Private Wealth, has placed $1.5-million, with Sprott Inc. purchasing $625,000 and together with its affiliates will own 13.25 per cent of Maritime Resources on a partially diluted basis.

Doug Fulcher, president and chief executive officer of Maritime, commented: "With the closing of this placement and the significant participation by both Dundee and Sprott as strategic partners, we are now in a position to move forward with our goals for the Hammerdown and Whisker projects. We are continuing to add to our team of professional to further enhance our ability to advance our project in Newfoundland."

Use of proceeds

The net proceeds from the financing will be used to advance the company's 100-per-cent-owned Hammerdown mine project, as well as the Whisker Valley and Orion project in Newfoundland, and for general working capital and corporate purposes.

About Maritime Resources Corp.

Maritime Resources holds 100 per cent of the Green Bay property, located near Springdale, Nfld. The property hosts the past-producing Hammerdown gold mine and the Orion gold deposit separated by a 1.5-kilometre distance that sits within an overall strike length of 4,000 metres. As well, the Lochinvar base metal/precious metal deposit sits to the northeast end of the Rumbullion deposit.

Bernard H. Kahlert, PEng, is the qualified person as defined by National Instrument 43-101, and has reviewed and approved the technical disclosure contained in this release.

We seek Safe Harbor.