Feb 27, 2012
Not for dissemination in the United States or through U.S. newswires
VANCOUVER, BC - Maritime Resources Corp. (MAE-TSX Venture, "Maritime") announces it intends to raise approximately $970,000 to finance exploration on the Company's Green Bay Property in Newfoundland. The financing will consist of a non-brokered private placement of flow-through shares (the "FT Shares") and non flow-through units (the "Units").
The flow-through financing will comprise up to 2,500,000 shares at $0.25 per FT Share. The non flow-through financing will comprise up to 1,500,000 Units at $0.23 per Unit. Each Unit will consist of one common share and one-half non-transferable share purchase warrant. Each whole share purchase warrant will entitle the holder to purchase one common share at a price of $0.30 for 18 months following the closing.
The net proceeds from the issuance of the common shares will be used by Maritime to finance the exploration and development activities, including studies examining the potential to re-open the Hammerdown mine, at the Green Bay property in Newfoundland, and for general corporate purposes. Proceeds from the issuance of the Flow-through shares will be used to incur exploration expenses, including step-out and infill drilling at the Hammerdown project before Dec. 31, 2013. Maritime will renounce the qualifying expenditures to subscribers of the Flow-through shares for the fiscal year ended Dec. 31, 2012.
Finder's fees of 6% in cash or Units together with 6% Broker Warrants ("Broker Warrants"), as applicable under securities laws, may be payable on a portion of the financing to finders who assist in the placement. The Broker Warrants will have the same terms as the warrants attached to the Units. The private placement is subject to regulatory approval.
About Maritime Resource Corp:
Maritime's Green Bay property consists of the Hammerdown gold deposit and the Orion gold deposit. The deposits are separated by a 1.5 km distance. The Hammerdown gold deposit was successfully mined by Richmont Mines between 2000 and 2004; the rich gold bearing veins averaging 16.5 g/t Au, being cut off by a sharp fault between 200 and 250 metres depth. Maritime is currently updating the potential for remaining resources and anticipates drilling in 2012 to expand this potential at Hammerdown. The Orion gold deposit contains an inferred resource of 119,000 ounces of gold in a 710,000 tonne deposit grading 5.2 g/t Au. The deposit consists of two main vein systems, both of which are open along strike, up and down plunge.
Maritime's shares trade on the TSX Venture Exchange under the symbol "MAE". For additional information, please visit the Company's website at www.maritimeresourcescorp.com.
On behalf of the Board of Directors,
President & CEO
For further information, please call:
Cathy DiVito, Investor Relations
Telephone: (604) 484-7111
Jay J. Bedard, President, Envoy Strategic Partners
Telephone: (416) 977-7778
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.