Mr. Garett Macdonald reports
MARITIME ANNOUNCES $5,000,000 NON - BROKERED PRIVATE PLACEMENT
Maritime Resources Corp. a non-brokered private placement of up to $5-million through the issuance of a combination of units at a price of 10 cents per unit and flow-through (FT) units at a price of 12 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 following the closing date of the offering.
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 following the closing date of the offering.
Warrants will include an acceleration clause that if, at any time after four months from the closing of the offering, 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 is pleased to announce that Dundee Goodman Merchant Partners (DGMP), a division of Goodman & Company Investment Counsel Inc., and Sprott Capital Partners LP are acting as advisers to the company. The financing is anticipated to close on or about April 12, 2019.
The company may pay finders' fees of 7 per cent in cash or units of the gross sales of units and FT units and issue 7 per cent in broker warrants of the number of units and FT units sold in the offering. The private placement is subject to TSX Venture Exchange approval and all securities issued will be subject to a four-month hold period.
Use of proceeds
The net proceeds from the financing will be used to advance the company's 100-per-cent-owned Green Bay gold project and its Whisker Valley exploration project in Newfoundland and Labrador. Activities include infill and exploration diamond drilling on both the Hammerdown and Whisker Valley projects, plus technical and environmental studies, to support project permitting at Hammerdown.
About Maritime Resources Corp.
Maritime Resources holds a 100-per-cent interest in the Green Bay property, including the former Hammerdown gold mine, located near the Baie Verte mining district and Springdale, Nfld. The Green Bay property hosts a resource estimates on two deposits, the Hammerdown and the Orion deposits. Hammerdown contains measured and indicated resources of 925,670 tonnes grading 10.6 grams per tonne for 315,535 ounces of gold and inferred resources of 1,557,000 tonnes grading 7.53 g/t for 377,000 ounces of gold. The Orion deposit contains measured and indicated resources of 1,096,500 tonnes grading 4.47 g/t for 157,600 ounces of gold and inferred resources of 1,288,000 tonnes grading 5.44 g/t for 225,300 ounces.
Exploration activities are administered on site by the company's project manager, Newfoundland and Labrador properties, Larry Pilgrim, PGeo. In accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects, B.H. Kahlert, PEng, vice-president, exploration, is the qualified person for the company and has prepared, validated and approved the technical and scientific content of this news release. The company strictly adheres to Canadian Institute of Mining, Metallurgy and Petroleum (CIM) best practices guidelines in conducting, documenting and reporting its exploration activities on its exploration projects.
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