Jun 06, 2012
VANCOUVER, BC - Maritime Resources Corp. (MAE-TSX Venture, "Maritime") reports that a portion of the non-brokered private placement announced on May 15, 2012 has closed for gross proceeds of $540,700. The Company has issued 1,740,000 flow-through units (FT Units) at $0.20 per FT Unit and 1,133,525 non flow-through units (NFT Units) at $0.17 per NFT Unit. Each FT Unit consists of one flow-through common share and one non-transferable share purchase warrant. Each NFT Unit consists of one non flow-through common share and one non-transferable share purchase warrant. Each share purchase warrant attached to both the FT Units and the NFT Units entitles the holder to purchase one non flow-through common share at a price of $0.25 until December 1, 2013.
The Company paid finders fees of $13,632 and 69,600 Finders' Warrants in connection with the financing. The Finders' Warrants have the same terms as the warrants attached to the FT Units and NFT Units.
All the securities issued hereunder are subject to a four month hold period and may not be traded until October 2, 2012.
About Maritime Resource Corp:
Maritime's Green Bay property consists of the Hammerdown gold deposit and the Orion gold deposit, separated by 1.5 km. The Hammerdown gold deposit was successfully mined by Richmont Mines between 2000 and 2004; producing ore at an average grade of 16.1 g/t Au. 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, as stated in the Technical Report dated July 19, 2010. 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.