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Maritime Convenes Shareholder Meeting to Approve Private Placement
Vancouver, British Columbia--(Newsfile Corp. - June 22, 2018) - Maritime Resources Corp. (T...
About this update from New Found Gold Corp
[{"type":"text","content":"Maritime Convenes Shareholder Meeting to Approve Private PlacementRecommends Shareholders Continue to Take No Action with Respect to Hostile BidVancouver, British Columbia--(Newsfile Corp. - June 22, 2018) - Maritime Resources Corp. (TSXV: MAE) (\"Maritime\" or the \"Company\") has called a meeting (the \"Meeting\") of its shareholders (the \"Shareholders\") at 1500, 1055 West Georgia Street, Vancouver, British Columbia at 10:00 am on July 17, 2018. At the Meeting, the Company will seek approval for its non-brokered private placement of units (the \"Units\") to raise $1,500,000 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\") previously announced on April 27, 2018.Reasons for the OfferingAs an active junior exploration and development company, the Company's principal source of capital is the sale of shares. The Company has an ongoing, and well documented in its annual and quarterly MD&A, need to raise funds through the sale of equity or debt financing to progress its Hammerdown mine to production. In July of 2017, the Company received a preliminary feasibility study demonstrating the economic feasibility of its Hammerdown mine. The Company has been advancing the Hammerdown mine and in March 2018 completed a private placement previously announced in December 2017. The funds from that private placement were used to complete a 31 hole drill program at Hammerdown, continue work on the Whisker Valley project, for opening of the portal and progress on the permitting applications, for general corporate purposes and to repay a $500,000 loan from Code Consulting, which loan was acquired by Anaconda Mining Inc. (\"Anaconda\") and immediately called in. The Company anticipated it would require additional funds to continue to advance its work programs, and to this end, filed a price reservation form on March 25, 2018, for a private placement of units at $0.10 per unit, well in advance of the commencement of the Hostile Bid (defined below) on April 13, 2018.Approval of the OfferingThe TSX Venture Exchange (the \"TSXV\") has provided conditional approval for the Offering. In the course of the Company seeking the acceptance of the TSXV for the Offering, the Company was advised by the TSXV that there were concerns raised by Anaconda that the Offering may appear to be u...