The TSX Venture Exchange has accepted for filing the company's proposal to issuance of $5-million (U.S.) principal amount of senior secured non-convertible notes to arm's-length and non-arm's-length subscribers. The notes were subject to a 2-per-cent original issue discount on the principal amount of the notes. The notes mature on Aug. 14, 2025, and may be extended by an additional year by Maritime Resources Corp. under certain circumstances. In connection with the issuance of notes, Maritime Resources has issued 38,311,427 warrants to the subscribers. Each warrant is exercisable at seven cents per share and expires on Aug. 14, 2025, subject to extension in the event that the maturity date of the notes is extended to Aug. 14, 2026.
In connection with the issuance of notes, Maritime Resources issued SCP Resource Finance LP certain broker warrants, exercisable at any time prior to the applicable maturity date to acquire up to 1,877,260 common shares at seven cents per share, representing 2 per cent of the gross proceeds of the sale of notes (excluding the original issue discount).
For additional details, please refer to the company's news releases dated June 19, 2023, and Aug. 21,
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