Feb 12, 2016
VANCOUVER, BC - Maritime Resources Corp. (MAE-TSX Venture, "Maritime") reports that a portion of the non-brokered private placement announced on November 5, 2015 has closed for gross proceeds of $195,000. The Company has issued 1,300,000 Equity Units at $0.14 per Equity Unit and 1,300,000 Royalty Units at $0.01 per Royalty Unit. Each Equity Unit consists of one common share and one half of one non-transferable share purchase warrant (the "Warrants"). Each whole Warrant attached to the Equity Units entitles the holder to purchase one common share at a price of $0.20 per common share for 36 months (note this is a change from 24 months previously announced).
Total royalties payable from the Royalty Units (the "Royalty Payment") will be capped at an amount equal to 100% of the total Offering with the Royalty Payments being made annually, beginning on the first anniversary of the date of commencement of commercial production from the Project. Upon payment of aggregate Royalty Payments totaling 100% of the total investment made pursuant to the Offering, the Royalty will terminate. Royalty Payments will be funded solely from 10% of annual net cash flow from the Green Bay Project. For purposes of the Royalty, "net cash flow" will mean net production revenues realized from the Project after deducting all Project operating and debt servicing costs. Maritime also agrees that it will offer all Royalty Payments to be paid either in cash or in gold, at the option of the Company.
Finders' fees if $14,625 and 97,500 Brokers Warrants were paid in connection with this portion of the financing. The Brokers Warrants have the same terms as the Warrants attached to the Equity Units.
All the securities issued hereunder are subject to a four month hold period and may not be traded until June 13, 2016.
On behalf of the Board of Directors,
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.