Maritime Announces $2,250,000 Non-Brokered Financing

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[{"type":"text","content":"Maritime Announces $2,250,000 Non-Brokered FinancingVANCOUVER, BC / ACCESSWIRE / June 17, 2016 / Maritime Resources Corp. (TSXV: MAE) (\"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\").\nThe 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.\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. \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.\nRoyalty Units:\nTotal 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...

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