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Maritime Announces the Closing of the $3.5 million Private Placement
Vancouver, British Columbia--(Newsfile Corp. - November 8, 2018) - Maritime Resources Cor...
About this update from New Found Gold Corp
[{"type":"text","content":"Maritime Announces the Closing of the $3.5 million Private PlacementVancouver, British Columbia--(Newsfile Corp. - November 8, 2018) - Maritime Resources Corp. (TSXV: MAE) (\"Maritime\" or the \"Company\") is pleased to announce that it has closed its non - brokered private placement previously announced on October 11, 2018. The Company has raised $3,502,959 through the issuance of a combination of 25,460,900 Units (the \"Units\") at a price of $0.11 per Unit and 5,402,000 Flow-Through units (the \"FT Units\") at a price of $0.13 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 expiring November 7, 2020.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 expiring November 7, 2020.All 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 issued a total of 2,152,791 finder units (\"Finder Units\") at a price of $0.11 per Finder Unit. Each Finder Unit is comprised of one common share and one-half (1/2) of one non-transferable warrant (\"Unit Finder Warrant\"). Each whole Unit Finder Warrant is exercisable to purchase one common share of the Company at a price of $0.15 per common share for a period of 24 months expiring November 7, 2020.The Company also issued 2,152,791 finder warrants exercisable at a price of $0.11 for a period of 24 months expiring November 7, 2020.All securities issued are subject to a four month hold period expiring March 9, 2019.Dundee Resources Ltd. purchased $1.77 million of the financing and now, together with its affiliates, owns or...