2016 News

VANCOUVER, BC - Maritime Resources Corp. (MAE-TSX Venture, "Maritime") is pleased to announce that, subject to regulatory approval, the Company proposes to raise up to $2,250,000 (the "Offering") by way of a non-brokered private placement of units (the " Equity Units") coupled with a streaming Royalty (the "Royalty Units").

The financing will comprise up to 15,000,000 Equity Units at a price of $0.14 per Equity Unit. Each Equity Unit will consist of one common share and one half of one non-transferable share purchase warrant (the "Warrants"). Each whole Warrant attached to the Equity Units will entitle the holder to purchase one common share at a price of $0.20 per common share for 36 months following the closing.

The Royalty Units will have a price of $0.01 per Royalty Unit. It is also a condition of the Offering that qualified investors purchase one Royalty Unit and one Equity Unit for a total price of $0.15. Participation in the Offering is restricted to qualified investors under available exemptions from prospectus requirements. 

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.

Royalty Units:
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 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. For better clarity, if an investor makes an investment of $15,000 they will receive 100,000 shares of Maritime and 50,000 Warrants as well as a streaming Royalty that will pay them up to $15,000 in cash or gold, at the option of the Company, from the net cash flow from Production on the Green Bay Project. 

Finder's fees in cash or Equity Units together with Finder/Broker Warrants ("Finder/Broker Warrants"), as applicable under securities laws, may be payable on a portion of the financing to finders or Brokers who assist in the placement. The Finder/Broker Warrants will have the same terms as the Warrants attached to the Equity Units.

All securities issued pursuant to this private placement 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 Resources Corp: 
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. Should the economic and technical viability of the project be established in the PFS the arrangement will allow Hammerdown material to be toll treated in the gold hydromet CIP circuit at the Nugget Pond Mill of up to 500 metric tonnes per day ('mtpd'). A toll milling fee would be negotiated to cover the capital expenditures required to process the material at the Nugget Pond Mill with permanent storage of Hammerdown tailings at the Nugget Pond site. 

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 Mineral Resource Estimate for the Green Bay Gold property was prepared in accordance to the requirements of NI 43 -- 101 and 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 averaged $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 mineralization remaining, although uneconomic at that time. The Orion gold deposit consists of two main vein systems, both of which are open along strike, and down plunge to the northeast.

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,

Doug Fulcher
President & CEO

Cathy DiVito, Investor Relations Telephone: (604) 484-7111

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

©2021Maritime Resources Corp.
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