Oct 31, 2012
VANCOUVER, BC - Maritime Resources Corp. (MAE-TSX Venture) reports that the Board of Directors has authorized management to proceed with a loan arrangement for a term of one year whereby the Company will borrow $397,000. Under the terms of the loan agreement, lenders will be paid 10% interest and will receive a 20% bonus, payable in shares of the Company at a deemed price of $0.20 per share. The proceeds will be used to continue exploration work on the Company's Green Bay property, Newfoundland and for general working capital. This transaction is subject to the approval of the TSX Venture Exchange.
On behalf of the Board of Directors,
For further information, please call:
Cathy DiVito, Investor Relations
Telephone: (604) 484-7111
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.