May 09, 2014
Not for dissemination in the United States or through U.S. newswires
VANCOUVER, BC - Maritime Resources Corp. (MAE-TSX Venture, "Maritime") announces that, subject to regulatory approval, it intends to raise up to $750,000 by way of a non-brokered private placement of non flow-through units (the "NFT Units") and flow-through units (the "FT Units").
The non flow-through financing will comprise up to 2,400,000 NFT Units at $0.25 per Unit. Each NFT Unit will consist of one non flow-through common share and one non-transferable share purchase Warrant. The flow-through financing will comprise up to 500,000 FT Units at $0.30 per FT Unit. Each FT Unit will consist of one flow-through common share and one non-transferable share purchase Warrant. Each share purchase Warrant attached to both the NFT Units and the FT Units will entitle the holder to purchase one non flow-through common share at a price of $0.35 per common share for 12 months following the closing.
Finder's fees of 6% in cash or NFT 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 NFT Units.
The net proceeds from the financing will be used to advance the Company's 100% owned Green Bay gold project in Newfoundland, and for general working capital and corporate purposes.
Shares acquired by the placees, and shares which may be acquired upon the exercise of the Warrants, will be subject to a hold period of four months plus one day from the date of completion of the Offering, in accordance with applicable securities regulations.
About Maritime Resource Corp:
Maritime Resources holds 100% of the Green Bay property, located near Springdale, Newfoundland. The property hosts the past producing Hammerdown gold mine and newly discovered Orion gold deposit. In addition, the property hosts the Lochinvar base metals/precious metals deposit.
On behalf of the Board of Directors,
President & CEO
For further information, please call:
Cathy DiVito, Investor Relations Telephone: (604) 484-7111
The TSX Venture Exchange 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.