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Maritime Announces Non-Brokered Private Placement of Units, and Provides Update on Point Rousse Acquisition and Previously Announced Brokered Note Offering
Toronto, Ontario--(Newsfile Corp. - July 27, 2023) - Maritime Resources Corp. (TSXV: MAE) (" Ma...
About this update from New Found Gold Corp
[{"type":"text","content":"Maritime Announces Non-Brokered Private Placement of Units, and Provides Update on Point Rousse Acquisition and Previously Announced Brokered Note OfferingToronto, Ontario--(Newsfile Corp. - July 27, 2023) - Maritime Resources Corp. (TSXV: MAE) (\"Maritime\" or the \"Company\") is pleased to announce a non-brokered private placement (the \"Unit Offering\") of up to 75,000,000 units (the \"Units\") at a price of $0.04 per Unit for aggregate gross proceeds of up to $3,000,000. Each Unit is comprised of one common share of the Company (each, a \"Common Share\") and one common share purchase warrant (each, a \"Unit Warrant\"). Each Unit Warrant will entitle the holder thereof to acquire one common share (each, a \"Warrant Share\") at a price of $0.07 (the \"Exercise Price\") per Warrant Share for 36 months.The net proceeds of the Unit Offering shall be used to fund ongoing project development expenditures, care and maintenance of the Pine Cove Mill and for general and working capital purposes. All securities issued pursuant to the Offering are subject to a hold period of four months plus a day from the date of issuance prescribed by the TSX Venture Exchange (the \"Exchange\") and the resale rules of applicable securities legislation. No more than 5% of the proceeds of the Unit Offering will be used for payments to non-arm's length parties or for investor relations activities. The Company may pay certain finders (the \"Finders\") a cash finder's fee equal to 6% of the gross proceeds of the Unit Offering (the \"Cash Commission\"), which Cash Commission may be satisfied by the Company, upon the election of the Finders, by issuing Common Shares at a deemed price of $0.04 per share. In addition, the Finders will receive that number of common share purchase warrants (each, a \"Finder Warrant\") equal to 6% of the Units sold pursuant to the Unit Offering, with each Finder Warrant entitling the holder to acquire one common share of the Company (each, a \"Finder Warrant Share\") at the Exercise Price per Finder Warrant Share for a period of 36 months following the completion of the Unit Offering.Update on Brokered Note OfferingFurther to the Company's news release dated June 19, 2023 regarding a brokered private placement (the \"Brokered Offering\") of convertible senior secured notes, the Company and SCP Resource Finance LP (\"SCP\") have m...