$6,092,500 PP closed. Maritime Announces Closing of Additional $30,000 Tranche Bringing Gross Proceeds of Its Recent Announced Non-Brokered Private Placement to $6,092,500
Toronto, Ontario--(Newsfile Corp. - April 26, 2019) - Maritime Resources Corp. (TSXV: MAE) ("Maritime" or the "Company") is pleased to announce that it has closed a final $30,000 tranche of its previously announced non-brokered private placement, issuing an additional 300,000 Units and raising aggregate gross proceeds of $6,092,500 through the issuance of a combination of units (the "Units") at a price of $0.10 per Unit and flow-through units (the "FT Units") at a price of $0.12 per FT Unit (the "Offering"). The Company issued a total of 56,896,662 Units and FT Units; 36,755,000 Units and 20,141,662 FT Units.
Each Unit consists of one common share and one-half (1/2) of one transferable common share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder to acquire one common share of the Company at a price of $0.15 per common share for a period of 24 months following the closing date of the Offering (the "NFT Warrants").
Dundee Goodman Merchant Partners ("DGMP"), a division of Goodman & Company, Investment Counsel Inc. and Sprott Capital Partners LP ("SCP") acted as advisors to the Company.
The Company has agreed to pay aggregate finders' and advisory fees of 7% in cash or units of the gross sales of Units and FT Units and issued 7% finders' warrants of the number of Units and FT Units sold by certain brokers in the Offering. Including this final tranche, the finders' and advisory fees amounted to an aggregate of $412,909 and 3,863,294 finders' warrants, including $156,532 and 1,563,273 finders' warrants to DGMP. As an advisor, SCP received $156,532 and 1,563,273 finders' warrants; and for certain orders, received finders' fees in the aggregate of $11,995; for services related to its engagement.
Dundee Resources Limited, an affiliate of DGMP and an "interested party" of the Company; and affiliates of SCP who may be considered "interested parties" of the Company, subscribed for Units and FT Units, respectively, under the Offering. Dundee Resources Limited subscribed for 16,680,000 Units having a subscription price of $1,668,000 and affiliates of SCP subscribed for 4,200,000 FT Units having a subscription price of $504,000. Dundee Corporation's wholly owned subsidiary, Dundee Resources Limited now owns 36,932,036 shares of Maritime, representing an approximate 19.54% interest. DGMP and SCP were paid finders' and advisory compensation as outlined above.