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Show printable version of 'Maritime Closes Tranche 1 of Financing' in a New Window

 
May 22, 2014
VANCOUVER, BC - Maritime Resources Corp. (MAE-TSX Venture) reports that a portion of the non-brokered private placement announced on May 9, 2014 has closed for gross proceeds of $511,250. The Company has issued 235,000 flow-through units (FT Units) at $0.30 per FT Unit, 913,000 non flow-through units (NFT Units) at $0.25 per NFT Unit and 850,000 common shares at $0.25 per common share. Each FT Unit consists of one flow-through common share and one non-transferable share purchase warrant. Each NFT Unit consists of one common share and one non-transferable share purchase warrant. Each share purchase warrant attached to the FT Units and the NFT Units entitles the holder to purchase one non flow-through common share at a price of $0.35 until May 21, 2015. 104,000 of the NFT Units issued and the 850,000 common shares issued were for settlement of debt in the amount of $238,500 relating to repayment of loans and interest thereon and accrued fees for directors. Note this amount for debt settlement is a correction to our news release dated May 16, 2014.

No finders' fees were paid in connection with this portion of the financing.

All the securities issued hereunder are subject to a four month hold period and may not be traded until September 23, 2014.

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,

Eric Norton
President & CEO

For further information, please call:
Cathy DiVito, Investor Relations       Telephone: (604) 484-7111
info@maritimeresourcescorp.com
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.