Nice financing as part of buying 8.4% of MAE and the right to use the Point Rousse Deep Water Port whose initial limited benefits to Firefly could lead naturally to total Point Rousse strategic agreement to consolidate both mining and processing facilities including the tailings pond etc at Point Rousse .
Clearly the GoodYears Cove asset is now redundant to Firefly and one might speculate that both Nuggett Pond mills will be moved to Point Rousse as well ...and maybe the Duck Pond mill..
Its a natural combination due to asset complementary that will greatly benefit the economics of both companies until ....just my opinion....they become the Hub and Wheel metal powerhouse of NL .
Lots of pent up news that will get those 7 cents warrants in the money which will give us over $10 million in the treasury plus any cash flows from interim production activities .
This is the breakout news that we have been waiting for .
It could very well end up with a merger of these two companies, a move that could see my 10 bagger becoming a reality .
With Uncle Eric now owning his first batch of Firefly shares albeit very modest, let's hope he's looking up Fireflys skirts when their next financing is due.
GLTA
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Maritime Resources closes $2.5-million financing
2024-03-25 18:21 ET - News Release
Mr. Garett Macdonald reports
MARITIME ANNOUNCES STRATEGIC INVESTMENT BY FIREFLY METALS
Maritime Resources Corp. has completed a non-brokered private placement of 50 million common shares of the company at a price of five cents per common share and 3,648,069 common share purchase warrants to FireFly Metals Ltd. for aggregate gross proceeds of $2.5-million.
Each Warrant entitles the holder to acquire one common share (each, a "Warrant Share") at a price of $0.05 per Warrant Share for 60 months from the date of issuance (the "Offering").
Following completion of the Offering, Firefly owns approximately 8.4% of the issued and outstanding Common Shares and approximately 8.95% on a partially diluted basis.
Mr. Garett Macdonald, President and CEO of Maritime, commented: "We are pleased to welcome FireFly as an investor in Maritime and look forward to working with management of Firefly to unlock value across the Baie Verte mining district of Newfoundland and Labrador."
The Company intends to use the proceeds of the Offering for the advancement and development of the Company's fully permitted Hammerdown Gold Project in Newfoundland and Labrador and for working capital and general corporate purposes.
The Company has paid SCP Resource Finance LP, in its capacity as financial advisor to the Company, a cash fee equal to 3% of the gross proceeds of the Offering.
In addition, Maritime has entered into a port access agreement with Firefly, granting port facility access to Firefly at the Company's Point Rousse project for the purpose of storing and exporting copper concentrates.
All securities issued pursuant to the Offering are subject to a hold period of four months plus a day from the date of issuance, as prescribed by the Exchange and the resale rules of applicable securities legislation.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.