Maritime Resources Corp V.MAE

Maritime Purchase Agreement to Acquire Point Rousse Project

[Betteryear2]

Toronto, Ontario--(Newsfile Corp. - June 19, 2023) -  Maritime Resources Corp. (TSXV: MAE) ("Maritime" or the "Company") is pleased to announce that it has entered into a share purchase agreement with Signal Gold Inc. ("Signal" or the "Vendor") dated June 16, 2023 pursuant to which the Vendor will sell, assign and transfer to the Company and the Company will purchase all of the shares of Point Rousse Mining Inc. (the "Transaction"), which owns all of the property, assets, mineral rights, royalties and liabilities underlying the Point Rousse Project located in the Province of Newfoundland and Labrador (the "Project"), for aggregate consideration of C$4 million plus the assumption of certain liabilities associated with the Project, comprised of: (i) C$3 million in cash (the "Cash Purchase Price"); and (ii) 23,970,218 common shares (the "Consideration Shares") in the capital of the Company issued at a deemed price of approximately C$0.04172 per Consideration Share, plus the applicable assumed liabilities. The Consideration Shares will be subject to a statutory four-month and one day hold period from the date of issuance. In order to provide certainty for the completion of the Transaction, the Company obtained two separate commitment letters to provide the Company with the Cash Purchase Price.

Maritime Announces Purchase Agreement to Acquire Point Rousse Project from Signal Gold and Related Offering of up to US$5 Million of Convertible Senior Secured Notes (newsfilecorp.com)