Jun 24, 2015
VANCOUVER, BC - Maritime Resources Corp. (MAE-TSX Venture, "Maritime") announces that, subject to regulatory approval, it intends to raise up to $1,250,000 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 6,666,666 NFT Units at $0.15 per Unit. Each NFT Unit will consist of one non flow-through common share and one half of one non-transferable share purchase Warrant. The flow-through financing will comprise up to 1,388,888 FT Units at $0.18 per FT Unit. Each FT Unit will consist of one flow-through common share and one half of one non-transferable share purchase Warrant. Each whole share purchase Warrant attached to the NFT Units will entitle the holder to purchase one non flow-through common share at a price of $0.20 per common share for 24 months following the closing. Each whole share purchase Warrant attached to the FT Units will entitle the holder to purchase one non flow-through common share at a price of $0.23 per common share for 24 months following the closing.
A Finder's fees in cash or NFT Units together with 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 and Labrador. The property hosts the past producing Hammerdown gold mine and the Orion gold deposit separated by a 1.5 km distance, as well as the Lochinvar base metals/precious metals deposit.
An initial Independent NI 43-101 compliant Mineral Resource Estimate for the Green Bay Gold property was released in early June 2013. The study estimates the property to contain in excess of 425,000 ounces of gold (727,500 tonnes @ 11.59 g/t Au at Hammerdown and 1,096,500 tonnes @ 4.47 g/t Au at Orion) in the Measured and Indicated categories and in excess of 660,000 ounces (1,767,000 tonnes @ 7.58 g/t Au at Hammerdown and 1,288,000 tonnes @ 5.44 g/t Au at Orion) in the Inferred category, both at a 3 g/t cut-off grade. The estimate was compiled by Tetra Tech of Ontario.
The Hammerdown gold deposit was successfully mined by Richmont Mines between 2000 and 2004 while gold prices ranged from $275/oz to $325/oz. During its operation, a total of 291,400 tonnes of ore were mined and milled, at an average grade of 15.83 g/t Au, recovering a total of 143,000 ounces of gold. All of the ore was processed at the Nugget Pond mill, now owned and operated by Rambler Metals and Mining Canada Limited, with an average gold recovery of 97.1%. Mining terminated in 2004 due to low gold prices with extensive, lower grade gold mineralization remaining. The Orion gold deposit consists of two main vein systems, both of which are open along strike, and down plunge to the northeast.
Maritime has entered into a Letter of Intent ("LOI" or "Agreement") (see News Release dated November 17th, 2014) with Rambler Metals and Mining PLC (RAB-TSX Venture) which includes evaluating the economic potential of re-opening the past producing Hammerdown gold mine located within Maritime's Green Bay Property, Newfoundland and Labrador, Canada.
Further information on the Green Bay Gold Property can be found on our website along with the NI43-101 compliant Technical Report filed on SEDAR on July 11, 2013 at www.maritimeresourcescorp.com.
Bernard H. Kahlert, P.Eng. is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical disclosure contained in this release.
On behalf of the Board of Directors,
President & CEO
For further information, please call:
Cathy DiVito, Investor Relations
Telephone: (604) 336-7322
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.