Apr 07, 2016
VANCOUVER, BC - Maritime Resources Corp. (MAE-TSX Venture, "Maritime") and Commander Resources Ltd. (CMD-TSX Venture) "Commander" are pleased to announce that they have agreed to amend the terms of the option and share purchase agreement originally announced February 13, 2015. Commander currently holds 9,440,000 shares in Maritime reflecting 25.4% of the outstanding share of Maritime.
Under the new modified terms Maritime will identify third parties to purchase an initial 2,000,000 shares at a price of CAD$0.14 per share on or before August 31st 2016 of which 1,000,000 shares must be purchased before April 30th, 2016. Provided that such initial sale is completed, Maritime will then have the option to identify third party purchasers to purchase an additional 2,000,000 shares every 6 months over the next 18 months at escalating prices of $0.21, $0.25, and $0.30. The final two option prices are further subject to the price being the greater of the option price or 85% of the volume weighted average price of the common shares for the 10 trading days immediately preceding the applicable option exercise date. Any shares not purchased in a particular option exercise period are carried forward one time to the next exercise period at the higher exercise price, provided that a minimum of 500,000 shares have been purchased in the preceding period. The Voting Trust Agreement announced February 13, 2015 whereby Commander agreed to vote its shares held under option with management of Maritime, remains in full force and effect for the duration of the option agreement. Any shares that are not purchased pursuant to the terms of the option agreement will automatically be released from the provisions of the Voting Trust Agreement.
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.