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Maritime Resources Announces Closing of Asset Purchase Agreement with Rambler Metals and Mining and Strategic Investment by Tembo Capital
Toronto, Ontario--(Newsfile Corp. - April 13, 2021) - Maritime Resources Corp. (TSXV: MAE) ("...
About this update from New Found Gold Corp
[{"type":"text","content":"Maritime Resources Announces Closing of Asset Purchase Agreement with Rambler Metals and Mining and Strategic Investment by Tembo CapitalToronto, Ontario--(Newsfile Corp. - April 13, 2021) - Maritime Resources Corp. (TSXV: MAE) (\"Maritime\" or the \"Company\") is pleased to announce the closing of the transactions contemplated by the asset purchase agreement with two subsidiaries of Rambler Metals and Mining PLC, namely Rambler Metals and Mining Canada Limited and 1948565 Ontario Inc. (together, \"Rambler\") previously announced on December 23, 2020 in respect of the purchase by the Company (the \"Acquisition\") of the gold circuit at the Nugget Pond metallurgical facility in the Baie Verte mining district of Newfoundland and Labrador, the Lac Pelletier gold project in Rouyn Noranda, Québec and several other exploration properties and royalty interests in key mining camps across Canada (collectively, the \"Assets\"). Sprott Capital Partners LP acted as advisor to Maritime in connection with the Acquisition and will be issued 400,000 Common Shares in consideration for such services.Pursuant to the terms of the Asset Purchase Agreement, the consideration paid by the Company for the Assets was comprised of the assumption of certain liabilities associated with the Assets, the payment of US$2,000,000 in cash, and the issuance of a number of common shares in the capital of the Company (the \"Common Shares\") equal to $500,000, based on the 30-day volume average weighted price of the Common Shares as of the closing date of the Acquisition, representing 3,571,428 shares issued at a price of $0.14. In addition, a deposit of $200,000 was paid to Rambler on March 12, 2020.Maritime is also pleased to announce the closing of a strategic investment by Tembo Capital (\"Tembo\"). Tembo has acquired 30,770,000 Common Shares representing approximately 7.7% of the Common Shares calculated on an undiluted basis, at a price of $0.13 per Common Share for a total investment of $4,000,100 via a non-brokered private placement. \"The closing of the asset purchase agreement with Rambler and the equity investment from Tembo Capital places the Company in a strong financial position to continue advancing the Hammerdown Gold Project towards a development decision. The addition of the Nugget Pond gold circuit is a key component in de-risking the project,...