Business
Maritime Announces $2,000,000 Non-Brokered Financing
VANCOUVER, BC / ACCESSWIRE / April 18, 2016 / Maritime Resources Corp. (TSXV: MAE) ("Maritime...
About this update from New Found Gold Corp
[{"type":"text","content":"Maritime Announces $2,000,000 Non-Brokered FinancingVANCOUVER, BC / ACCESSWIRE / April 18, 2016 / Maritime Resources Corp. (TSXV: MAE) (\"Maritime\"), is very pleased to announce that, subject to regulatory approval, the Company proposes to raise up to $2,000,000 (the \"Offering\") by way of a non-brokered private placement of units (the \"Equity Units\") coupled with a streaming Royalty (the \"Royalty Units\").\nThe financing will comprise up to 13,500,000 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.\nThe 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. \nUse of Proceeds:\nThe 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.\nMaritime has also received tendering bids to conduct a Prefeasibility Study (\"PFS\") on the Hammerdown project. T he study is expected to begin on closing of the financing with completion of the study within 4 to 6 months from starting. The PFS will be conducted on the Hammerdown portion of the deposit which contain in excess 727,500 tonnes @ 11.59 g/t Au in the Measured and Indicated categories and in excess of 1,767,000 tonnes @ 7.58 g/t Au in the Inferred category, both at a 3 g/t cut-off grade and a minimum width of 1.2 metres. The NI 43-101 Resource study was compiled by Tetra Tech of Ontario and announced by the Company in a News Release dated May 28, 2013.\nIn addition, Maritime is in the process of engaging an Environmental Engineering consulting firm to assist in the permitting process to bring the Hammerdown project back into production. It is the Company's intention to begin right away with the dewatering permits as well as all permits required to reopen the underground workings from the historic m...