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Maritime Receives 52% Shareholder Consent to Approve Private Placement
Vancouver, British Columbia--(Newsfile Corp. - June 28, 2018) - Maritime Resources Corp. (T...
About this update from New Found Gold Corp
[{"type":"text","content":"Maritime Receives 52% Shareholder Consent to Approve Private PlacementRecommends Shareholders Continue to Take No Action with Respect to Hostile BidVancouver, British Columbia--(Newsfile Corp. - June 28, 2018) - Maritime Resources Corp. (TSXV: MAE) (\"Maritime\" or the \"Company\") is pleased to announce that it has received support from holders of more than 52% of the Company's outstanding shares in the form of written consent to its proposed private placement (as more particularly detailed in the June 22, 2018, release) (the \"Offering\"). The majority shareholder support is intended to satisfy the TSX Venture Exchange (the \"TSX-V\") condition that the Company obtain shareholder approval to the Offering. The holders of more than 52% of Maritime's outstanding shares who have provided written consent for the Offering do not include insiders of Maritime who were excluded by the TSX-V. The Company would have had consent from holders of more than 55% of Maritime's shares, if insiders' written consents for the Offering would have been included. Closing of the Offering remains subject to TSX-V acceptance.In seeking TSX-V approval for the private placement, the Company was advised by the TSX-V that there were concerns raised by Anaconda Mining Inc. (\"Anaconda\") that the Offering may appear to be undertaken as a defensive tactic to a take-over bid as detailed in National Instrument 62-202 - Take-Over Bid and Defensive Tactics. In this regard, the Company is the subject of an unsolicited hostile take-over bid (the \"Hostile Bid\") by Anaconda. It is clear the majority of shareholders disagree with the objections of Anaconda. Maritime thanks its shareholders for their continued support. The consent letters for the Offering provided by shareholders re-affirm the confidence our shareholders have in the ability of the Company's board and management team to complete the process of advancing Maritime's Hammerdown mine. Update on Hostile BidMaritime's board has evaluated the Hostile Bid in light of recent events, including the access Anaconda provided to their data room (as detailed in Maritime's press release dated June 4, 2018) and recent discussions with our shareholders.The Company continues to recommend that Shareholders do not tender their Maritime shares to the Hostile Bid and has detailed its position in a directors' circular dated ...