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Maritime Closes a $2,475,000 Financing
VANCOUVER, BC / ACCESSWIRE / July 20, 2016 / Maritime Resources Corp. (TSXV: MAE) is pleased...
About this update from New Found Gold Corp
[{"type":"text","content":"Maritime Closes a $2,475,000 FinancingVANCOUVER, BC / ACCESSWIRE / July 20, 2016 / Maritime Resources Corp. (TSXV: MAE) is pleased to report that the non-brokered private placement announced on June 17, 2016 has closed for gross proceeds of $2,475,000. The Company has issued 16,500,000 Equity Units at $0.14 per Equity Unit and 16,500,000 Royalty Units at $0.01 per Royalty Unit. Each Equity Unit consists of one common share and one half of one non-transferable share purchase warrant (the \"Warrants\"). Each whole Warrant attached to the Equity Units entitles the holder to purchase one common share at a price of $0.20 per common share for 36 months. The Company also reports that due to overwhelming interest in the financing, the Company agreed to an 10% oversubscription or $225,000 to the original announced placement of $2,250,000 for total proceeds of $2,475,000.\nTotal royalties payable from the Royalty Units (the \"Royalty Payment\") will be capped at an amount equal to 100% of the total offering plus the sum of $985,500 raised in the previously completed private placement announced on February 12, 2016 and April 18, 2016(collectively, the \"Royalty Financings\"). Royalty Payments will be 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 Royalty Financings, the Royalty will terminate. Royalty Payments will be funded solely from 10% of annual net cash flow from the Green Bay 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.\nFinders' fees totaling $174,892.52 and 1,165,950 Finders Warrants were paid in connection with this financing (Canaccord Genuity Corp. $150,892.52 and 1,005,950 Finders Warrants and Leede Jones Gable Inc. $24,000 and 160,000 Finders Warrants) The Finders Warrants have the same terms as the Warrants attached to the Equity Units.\nAll the securities issued hereunder are subject to a four month hold period and may not be traded until November 21, 2016.\nAbout Maritime Resources Corp:\nMa...