Mar 26, 2018
Vancouver, B.C., March 26, 2018. Maritime Resources Corp. ("Maritime" or the "Company") (MAE: TSX-V) announces that it has closed its private placement previously announced on December 15, 2017 and March 1, 2018. The Company has raised an additional $530,000 through the issuance of 5,300,000 units at a price of $0.10 per unit.
Each unit consists of one common share and one-half (1/2) of one common share purchase warrant. Each whole warrant will entitle the holder to acquire one common share of the Company at a price of $0.20 per common share for a period of 18 months expiring September 21, 2019. The warrants include an acceleration clause that, if at any time after 4 months from the closing of the Offering, the closing price of the Company's common shares on the TSX Venture Exchange is greater than $0.40 for 20 consecutive trading days, then the expiry date for the warrants may, by notice in writing by the Company, be accelerated to 30 days following the date that such notice is given.
The Company paid $35,000 in finders fees and issued 350,000 finder warrants exercisable at a price of $0.20 until September 21, 2019. All securities issued are subject to a four month hold period expiring July 22, 2018.
Use of Proceeds
The net proceeds from the financing will be used to advance the Company's 100% owned Hammerdown Mine project as well as the Whisker Valley project in Newfoundland and for general working capital and corporate purposes. The work will include a 3,000 metre drill program both on Hammerdown and the Whisker project expected to begin this winter. Permitting will continue on the Hammerdown project as well as further engineering study to look at optimizing the opportunities within the PFS.
ABOUT MARITIME RESOURCES 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. Maritime announced a Prefeasibility Study (March 2nd, 2017) that evaluated the Measured & Indicated NI43-101 mineral resource estimate for the past producing Hammerdown gold deposit. The study was completed by WSP Canada Inc. ("WSP"), an independent third party engineering firm, with the mandate to evaluate the potential of bringing the past producing gold mine back into commercial production.
Pre - Feasibility highlights
The Orion gold deposit consists of two main vein systems, both of which are open along strike, and down plunge to the northeast.
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. Mr. Kahlert is also the Company's VP, Exploration.
Further information on the Green Bay Gold Property can be found on our website at www.maritimeresourcescorp.com. along with the NI43-101 compliant Technical Report and Prefeasibility Report filed on SEDAR.
On behalf of the Board of Directors,
for further information, please call:
Doug Fulcher, President, CEO 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.