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Maritime Announces $2,000,000 Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - December 15, 2017) - Maritime Resources Corp. ...
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[{"type":"text","content":"Maritime Announces $2,000,000 Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - December 15, 2017) - Maritime Resources Corp. (TSXV: MAE) (\"Maritime\" or the \"Company\") announces a non-brokered private placement of up to $2,000,000 through the issuance of a combination of units (the \"Units\") at a price of $0.10 per Unit and flow-through units (the \"FT Units\") at a price of $0.12 per FT Unit (the \"Offering\"). Each Unit consists of one common share and one-half (1/2) of one common share purchase warrant (\"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 following the closing date of the Offering (the \"NFT Warrants\"). Each FT Unit consists of one common flow-through share and one half (1/2) of one common share purchase warrant (\"FT Warrant\"). Each whole FT Warrant will entitle the holder to acquire one non flow-through common share of the Company at a price of $0.20 per common share for a period of 18 months following the closing date of the Offering (the \"FT Warrants\"). The Warrants and the FT Warrants will 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 and the FT Warrants may, by notice in writing by the Company, be accelerated to 30 days following the date that such notice is given. The private placement is subject to TSX Venture Exchange approval and all securities issued will be subject to a four month hold period. Finder's fees may be payable in connection with the private placement, all in accordance with the policies of the TSX Venture Exchange.Maritime also announces that, in accordance with the Company's stock option plan, it will grant directors, officers, employees and consultants incentive stock options to purchase up to an aggregate of up to 2,500,000 common shares exercisable on or before December 15, 2022 at a price of $0.10 per share. Use of ProceedsThe 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 an...