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Maritime Addresses Inaccuracies of Unsolicited Offer and Closing of Private Placement
Vancouver, British Columbia--(Newsfile Corp. - July 6, 2018) - Maritime Resources Corp. (TS...
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[{"type":"text","content":"Maritime Addresses Inaccuracies of Unsolicited Offer and Closing of Private PlacementVancouver, British Columbia--(Newsfile Corp. - July 6, 2018) - Maritime Resources Corp. (TSXV: MAE) (\"Maritime\" or the \"Company\") wishes to address the misinformation in Anaconda Mining Inc's (\"Anaconda\") July 4th, 2018, press release and are pleased to announce the closing of the private placement.The Unsolicited OfferMaritime wishes to clarify the misinformation and lack of clarity provided in Anaconda’s press release issued July 4th, 2018. Shareholders should be advised on the following:Misleading and Outdated Increased Offer Price- Anaconda's share price closed at $0.365 on July 3rd, 2018, the day prior to the Anaconda press release. At 0.50 Anaconda shares, that values the offer at $0.1825. As of the close yesterday, the value of the offer is $0.18. Anaconda implies that the consideration represents $0.21 per Maritime Share and a premium of approximately 108%. However, this is based on an outdated 20-day volume weighted average price of the Maritime Shares on the TSX-V and the Anaconda Shares on the TSX immediately preceding the date Anaconda announced its intention to make the unsolicited offer back on March 19th, 2018. There is no formal offer: The press release does not constitute an improved offer and will require a Notice of Change and Variation to be sent to Maritime shareholders. Until such time, the offer is currently 0.39 Anaconda shares valued at $0.135 at Anaconda's closing price today. Should the Notice of Change and Variation be sent, the Board will review and provide a recommendation.Threat to Withdraw Offer- Anaconda has resorted to scare tactics in an effort to divert Shareholders from their inadequate, conditional \"increased\" Offer. Anaconda has stated it would withdraw its unsolicited offer if the private placement closes. The Company refuses to be dissuaded from acting in the best interests of its shareholders and thus has determined, notwithstanding the threat from Anaconda, to proceed to close the previously announced private placement. Maritime will provide its shareholders with further updates on the unsolicited offer as more information is obtained. In the meantime, there is no need for shareholders to take any action as it relates to the unsolicited offer. Private PlacementThe Company is pleased to an...