RE:ComarkThe 2020 Financing involving Cormark ....Price was $0.15...
TORONTO, ON (August 21, 2020) Maritime Resources Corp. (TSXV: MAE) (“Maritime” or the “Company”) is pleased to announce that it has completed its previously announced “bought deal” private placement (the “Offering”) of a combination of 43,367,550 common shares of the Company ("Common Shares") at a price of $0.15 per Common Share, and 11,000,000 common shares issued on a flow-through basis (the "FT Shares" and, together with the Common Shares, the “Offered Securities”) at a price of $0.20 per FT Share for aggregate gross proceeds of $8,705,132.50.
“The completion of the Upsized Offering facilitates the continued optimization and de-risking of the Hammerdown Gold Project and allows us to expand our exploration programs at both Hammerdown and Whisker Valley,” commented Garett Macdonald, Maritime President and CEO.
The Offering was completed by a syndicate of underwriters led by Sprott Capital Partners LP (“Sprott”) and including Industrial Alliance Securities Inc., Canaccord Genuity Corp., Cormark Securities Inc., Stifel GMP and Raymond James Ltd. (collectively, the “Underwriters”). In connection with the closing of the Offering, the Company paid a cash fee of 6% of the aggregate gross proceeds raised pursuant to the Offering, with the exception of certain proceeds from the sale of Offered Securities to certain specified persons, and has issued an aggregate of 3,087,873 non-transferable broker warrants (“Broker Warrants”), with each Broker Warrant being exercisable into one Common Share at a price of $0.15 per share until August 21, 2022 (together with the cash fee, the “Offering Fee”).