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Maritime Raises Gross Proceeds of $6,062,500 on Closing of Its Previously Announced Non-Brokered Private Placement
Toronto, Ontario--(Newsfile Corp. - April 16, 2019) - Maritime Resources Corp. (TSXV: MAE) ("...
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[{"type":"text","content":"Maritime Raises Gross Proceeds of $6,062,500 on Closing of Its Previously Announced Non-Brokered Private PlacementToronto, Ontario--(Newsfile Corp. - April 16, 2019) - 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 $6,062,500 through the issuance of a combination of units (the \"Units\") 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\"). The Company issued a total of 56,596,662 Units and FT Units; 36,455,000 Units and 20,141,662 FT Units.Dundee Goodman Merchant Partners (\"DGMP\"), a division of Goodman & Company, Investment Counsel Inc. and Sprott Capital Partners LP (\"SCP\") acted as advisors to the Company.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 following the closing date of the Offering (the \"NFT Warrants\"). 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 following the closing date of the Offering (the \"FT Warrants\").The Company has agreed to pay aggregate finders' and advisory fees of 7% in cash or units of the gross sales of Units and FT Units and issued 7% finders' warrants of the number of Units and FT Units sold by certain brokers in the Offering. The finders' and advisory fees amounted to an aggregate of $410,809 and 3,842,294 finders' warrants, including $155,482 and 1,500,098 finders' warrants to DGMP. As an advisor, SCP received $155,482 and 1,500,098 finders' warrants for services related to its engagement.Five directors and officers of the Company, all of whom are \"interested parties\" of the Company, subscribed for a total of 300,000 Units and 756,666 FT Units having an aggregate subscription price of $30,000 and $90,800.Dundee Resources Limited, an affiliate of DGMP and an \"interested party\" o...