Maritime Resources Announces an up to $10 Million Best Efforts Private Placement Financing

About this update from New Found Gold Corp

[{"type":"text","content":"Maritime Resources Announces an up to $10 Million Best Efforts Private Placement FinancingToronto, Ontario--(Newsfile Corp. - June 26, 2025) - Maritime Resources Corp. (TSXV: MAE) (\"Maritime\" or the \"Company\") is pleased to announce that it has entered into an agreement with Paradigm Capital Inc. (\"Paradigm\") as lead agent and sole bookrunner, for and on behalf of a syndicate of agents (collectively, the \"Agents\"), in connection with a proposed best efforts private placement offering (the \"Offering\") of up to 8,850,000 common shares in the capital of Maritime (the \"Offered Securities\") to be issued at $1.13 per Offered Security (the \"Issue Price\") for gross proceeds of up to $10,000,500. The Company will also grant the Agents an option (the \"Agents' Option\") to sell up to an additional 1,327,500 Offered Securities at the Issue Price for additional gross proceeds of up to $1,500,075, exercisable in whole or in part by the Agents at any time 48 hours prior to the Closing Date (as defined herein). The Agents will be paid by the Company on closing of the Offering a cash commission equal to 6% of the gross proceeds of the Offering, including on any exercise of the Agents' Option, other than in respect of sales of up to $500,000 to certain directors and officers of the Company or their related entities (the \"President's List\") for which the Company shall pay a commission equal to 3%.The Agents will also receive on the Closing Date compensation options (the \"Compensation Options\") entitling the Agents to acquire that number of common shares equal to 6% of the number of Offered Securities issued pursuant to the Offering, including on any exercise of the Agents' Option, at an exercise price of $1.13, exercisable for a period of 24 months following the Closing Date, other than in respect of sales to the President's List for which the Agents shall be entitled to that number of common shares equal to 3% of the number of Offered Securities issued to investors on the President's List.The net proceeds from the Offering shall be used for exploration and development at the Company's mineral projects in Newfoundland and Labrador, repaying the balance of the Company's US$5,000,000 aggregate principal amount of senior secured notes, and general working capital purposes.The Offering will be conducted in all provinces and territor...

More updates from New Found Gold Corp