Maritime Resources (TSX-V:MAE) has announced the closing of a non-brokered private placement of 74 million common shares at a price of $0.05 per common share for aggregate gross proceeds of C$3.7 million.
The net proceeds of the offering will be used for final permitting costs to be paid by the company on or prior to December 31, 2022, with respect to the Hammerdown gold mine located in the Baie Verte Mining District near the town of King's Point, Newfoundland and Labrador.
Maritime said the proceeds would also go toward remaining costs associated with the company's feasibility study, plus completing up to 5,000 metres of drilling on or prior to December 31, 2022 at the Hammerdown Project and or its nearby Orion gold deposit.
Completion of the offering is subject to final acceptance by the TSX Venture Exchange.
Maritime said it was pleased to have the continued support of its largest institutional shareholders, Dundee Goodman Merchant Partners and Tembo Capital, in addition to welcoming Gold Resource Corporation (NYSE-A:GORO, ETR:GIH) as a strategic investor.
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Toronto, Ontario--(Newsfile Corp. - April 16, 2019) - Maritime Resources Corp. (TSXV: MAE) ("Maritime" or the "Company") is pleased to announce that it closed its previously announced non-brokered private placement raising aggregate gross proceeds of $6,062,500 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 56,596,662 Units and FT Units; 36,455,000 Units and 20,141,662 FT Units.
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.
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").
Each FT Unit consists of one common flow-through share and one half (1/2) of one transferable common share purchase warrant ("FT Warrant"). Each whole FT Warrant will entitle the holder to acquire one non flow-through 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 "FT Warrants").
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. The finders' and advisory fees amounted to an aggregate of $410,809 and 3,842,294 finders' warrants, including $155,482 and 1,500,098 finders' warrants to DGMP. As an advisor, SCP received $155,482 and 1,500,098 finders' warrants for services related to its engagement.
Five directors and officers of the Company, all of whom are "interested parties" of the Company, subscribed for a total of 300,000 Units and 756,666 FT Units having an aggregate subscription price of $30,000 and $90,800.
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 19.57% interest. DGMP and SCP were paid finders' and advisory compensation as outlined above.
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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 Mac
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Vancouver, British Columbia--(Newsfile Corp. - October 11, 2018) - Maritime Resources Corp. (TSXV: MAE) ("Maritime" or the "Company") is pleased to announce a non - brokered private placement of up to $3,500,000 through the issuance of a combination of units (the "Units") at a price of $0.11 per Unit and flow-through units (the "FT Units") at a price of $0.13 per FT Unit (the "Offering").
The company is pleased to announce that Dundee Resources Limited and Sprott Inc intend to participate equally for $3.0 million of the $3.5 million financing. Upon completion of the financing which is anticipated to close on or before October 31, 2018, the Company plans to further build out and enhance the existing team of professionals that will assist with the ongoing development and restart of the Hammerdown Gold Mine and the Company.
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").
Each FT Unit consists of one common flow-through share and one half (1/2) of one transferable common share purchase warrant ("FT Warrant"). Each whole FT Warrant will entitle the holder to acquire one non flow-through 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 "FT Warrants").