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Maritime Announces $5,000,000 Non - Brokered Private Placement
Toronto, Ontario--(Newsfile Corp. - March 14, 2019) - Maritime Resources Corp. (TSXV: MAE) ("...
About this update from New Found Gold Corp
[{"type":"text","content":"Maritime Announces $5,000,000 Non - Brokered Private PlacementToronto, Ontario--(Newsfile Corp. - March 14, 2019) - Maritime Resources Corp. (TSXV: MAE) (\"Maritime\" or the \"Company\") is pleased to announce a non - brokered private placement of up to $5 million 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 transferable common share purchase warrant (\"Warrant\"). Each whole Warrant will entitle the holder to acquire one common share of the Company at a price of $0.15 per common share for a period of 24 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 transferable 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 $0.15 per common share for a period of 24 months following the closing date of the Offering (the \"FT Warrants\"). Warrants will include an acceleration clause that, if at any time after 4 months from the closing of the Offering, if the closing price of the Company's common shares on the TSX Venture Exchange is greater than $0.25 for 20 consecutive trading days, then the expiry date for the Warrants and the Warrants may, by notice in writing by the Company, be accelerated to 30 days following the date that such notice is given. The Company is pleased to announce that Dundee Goodman Merchant Partners (DGMP), a division of Goodman & Company, Investment Counsel Inc., and Sprott Capital Partners LP are acting as advisors to the Company. The financing is anticipated to close on or about April 12, 2019.The Company may pay finder's fees of 7% in cash or units of the gross sales of Units and FT Units and issue 7% broker warrants of the number of Units and FT Units sold in the Offering. The private placement is subject to TSX Venture Exchange approval and all securities issued will be subject to a four month hold period. Use of ProceedsThe net proceeds from the financing will be used to advance the Company's 100% owned Green Bay gold project and its Whisker Valley exploration project in Newfoundland &a...