Business
Bid to Acquire Maritime Assets Has Been Withdrawn
Vancouver, British Columbia--(Newsfile Corp. - July 12, 2018) - Maritime Resources Corp. (T...
About this update from New Found Gold Corp
[{"type":"text","content":"Bid to Acquire Maritime Assets Has Been WithdrawnVancouver, British Columbia--(Newsfile Corp. - July 12, 2018) - Maritime Resources Corp. (TSXV: MAE) (\"Maritime\" or the \"Company\") is pleased to announce that Anaconda Mining Inc. has formally withdrawn their unsolicited bid to acquire all of the outstanding shares of Maritime Resources Corp. Our team of advisors and management have worked hard to demonstrate to our shareholders that the unsolicited bid launched by Anaconda on April 13, 2018 did not truly reflect the value of Maritime's asset. Maritime Management and its Board of Directors would like to thank its dedicated shareholders for their continued support and believe that this re-affirms the confidence our shareholders have in the ability of the Company's Board and Management team to complete the process of advancing the past producing Hammerdown mine. Doug Fulcher, President, CEO commented \"I would like to express a special thanks to the team that was put together to advise the Board of Directors and Management of the Company as well as our shareholder for supporting the Company over the past several months. We are pleased to have this hostile bid behind us allowing work to recommence on advancing our Hammerdown gold project. We will now pick up where we left off with an aggressive work program to advance both Hammerdown and the Whisker projects.\"With the recent financing now completed the Company will resume its planned work programs.Maritime retained the services of Dundee Securities Limited as its financial adviser, McMillan LLP as legal adviser, and Laurel Hill Advisory Group as its proxy solicitation firm in relation to the unsolicited bid.HAMMERDOWN PROJECTDuring February and March of this year the Company completed a 1,700 meters drilling (31 drill holes) designed to test the near surface potential of the unmined J, K, L and M3 gold rich quartz/sulphide veins. (see News Release MAE 18-13, MAE 18-16) The program was designed to follow up on the veins system that was outlined from the surface trenching program last fall (see News Release MAE 17-12) and to test the mineralization down to 30 meters below surface. The goal of the program was to outline a new mineral resource that could potentially be evaluated as a start-up open pit mining operation. If successful, this could potentially add to the minable ounces ...