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Maritime Raises Gross Proceeds of $3,500,000 on Closing of Its Previously Announced Non-Brokered Private Placement
Toronto, Ontario--(Newsfile Corp. - May 15, 2020) -  Maritime Resources Corp. (TSXV: MAE...
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[{"type":"text","content":"Maritime Raises Gross Proceeds of $3,500,000 on Closing of Its Previously Announced Non-Brokered Private PlacementToronto, Ontario--(Newsfile Corp. - May 15, 2020) -  Maritime Resources Corp. (TSXV: MAE) (\"Maritime\" or the \"Company\") is pleased to announce that it closed its previously announced non-brokered private placement raising aggregate gross proceeds of $3,500,000 through the issuance of a combination of common shares in the capital of the Company (\"Common Shares\") at a price of $0.06 per Common Share and flow-through Common Shares (the \"FT Shares\") at a price of $0.065 per FT Share (the \"Offering\"). The Company issued a total of 21,626,666 Common Shares and 33,883,076 FT Shares pursuant to the Offering.Maritime's President and CEO, Garett Macdonald, commented; \"This financing places the Company in a strong position to continue advancing the high grade Hammerdown Gold Project during a period of strengthening gold prices. Dundee Goodman Merchant Partners (\"DGMP\"), a division of Goodman & Company, Investment Counsel Inc., Sprott Capital Partners LP (\"SCP\") and Canaccord Genuity Corp. (\"CG\"), acted as advisors to the Company. The Company has agreed to pay aggregate finders' and advisory fees of up to 5% in cash of the gross sales of Common Shares and FT Shares. An aggregate of 666,864 Common Shares were issued to SCP as commission. The cash finders' and advisory fees amounted to an aggregate of $90,068, including $28,069 to DGMP, $16,449 to CG, $15,000 to EDE Asset Management and $35,050 to Laurentian Bank Securities Inc. Three directors and officers of the Company, all of whom are \"interested parties\" of the Company, subscribed for a total of 760,769 FT Shares having an aggregate subscription price of $49,450.Dundee Resources Limited, an affiliate of DGMP and an \"interested party\" of the Company, and affiliates of SCP who may be considered \"interested parties\" of the Company, each subscribed for Common Shares and FT Shares under the Offering. Dundee Resources Limited subscribed for 9,356,383 Common Shares having a subscription price of $561,383 and affiliates of SCP subscribed for 5,337,283 Common Shares and 15,692,308 FT Shares having an aggregate subscription price of $1,340,237. As a result of the closing of the Offering, Dundee Corporation's wholly owned subsidiary, Dundee Resources Limi...