09:40:45 EDT Thu 28 Sep 2023
Enter Symbol
or Name

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Maritime Resources Corp
Symbol MAE
Shares Issued 400,258,601
Close 2022-09-22 C$ 0.05
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Maritime closes $3.7-million private placement

2022-09-22 20:10 ET - News Release

Mr. Garett Macdonald reports


Maritime Resources Corp. has closed a non-brokered private placement of 74 million common shares at a price of five cents per common share for aggregate gross proceeds of $3.7-million.

The net proceeds of the offering shall be used for: (i) final permitting costs to be paid by the company on or prior to Dec. 31, 2022, with respect to the Hammerdown project; (ii) remaining costs associated with the company's feasibility study referenced in its public record; (iii) completing up to 5,000 metres of drilling on or prior to Dec. 31, 2022, at the Hammerdown project and/or the Orion deposit; and (iv) general corporate and working capital purposes. Completion of the offering is subject to final acceptance by the TSX Venture Exchange.

"We are pleased to have the continued support of our largest institutional shareholders, Dundee Goodman Merchant Partners and Tembo Capital. We also welcome Gold Resource Corp. as a strategic investor in Maritime. Following the positive feasibility study results for the Hammerdown gold project, we are advancing the remaining permitting requirements and initiating a drill program with the aim of extending the mine life."

Pursuant to Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions, the offering constitutes a related party transaction as insiders of the company subscribed for 15.7 million of the common shares sold in the offering. The company is relying on exemptions from the formal valuation and minority approval requirements of MI 61-101. The company did not file a material change report more than 21 days before the expected closing of the offering as the details of the related parties' participation in the offering were not settled.

All securities issued pursuant to the offering are subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation.

About Maritime Resources Corp.

Maritime holds a 100-per-cent interest -- directly and subject to option agreements entitling it to earn 100-per-cent ownership -- in the Green Bay property. This includes the former Hammerdown gold mine, the Orion gold project and the Whisker Valley exploration project, all located in the Baie Verte mining district, near the town of King's Point, Newfoundland and Labrador. The Hammerdown gold project is characterized by near-vertical, narrow, mesothermal quartz veins containing gold associated with pyrite. Hammerdown was last operated by Richmont Mines from 2000 to 2004. The company also owns the gold circuit at the Nugget Pond metallurgical facility in Newfoundland and Labrador, the Lac Pelletier gold project in Rouyn-Noranda, Que., and several other exploration properties and royalty interests in key mining camps across Canada.

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