Business
Maritime Resources Announces Strategic Investment by Tembo Capital and Concurrent Private Placement of Flow-Through Shares
Maritime Resources Announces Strategic Investment by Tembo Capital and Concurrent Private...
About this update from New Found Gold Corp
[{"type":"text","content":"\n \n \n \n Maritime Resources Announces Strategic Investment by Tembo Capital and Concurrent Private Placement of Flow-Through Shares\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n /THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S.\n \n \n \n \n NEWSWIRE SERVICES FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n \n TORONTO\n \n ,\n \n Feb. 17, 2021\n \n /CNW/ -\n \n Maritime Resources Corp.\n \n (TSXV: MAE)\n \n (\"Maritime\" or the \"Company\")\n \n is pleased to announce that Tembo Capital (\"Tembo\") has conditionally agreed to purchase 30,770,000 common shares of the Company (the \"Common Shares\"), representing approximately 8.2% on an undiluted basis, at a price of\n \n $0.13\n \n per Common Share for a total strategic investment of\n \n $4,000,100\n \n via a non-brokered private placement (the \"Tembo Private Placement\").\n \n \n Concurrent with its announcement of the proposed Tembo Private Placement, the Company is also pleased to announce that it has entered into an agreement with Canaccord Genuity Corp. on behalf of a syndicate of agents including Dundee Goodman Merchant Partners, Sprott Capital Partners and Industrial Alliance Securities Inc. (collectively, the \"Agents\") in connection with a \"best efforts\" private placement (the \"Brokered Offering\" and together with the Tembo Private Placement, the \"Offerings\") of common shares of the Company that will qualify as \"flow-through shares\" (within the meaning of subsection 66(15) of the\n \n Income Tax Act\n \n (\n \n Canada\n \n ) (the \"Flow-Through Shares\"). The Flow-Through Shares will be issued at a price of\n \n $0.18\n \n per Flow-Through Share (the \"Flow-Through Price\") for aggregate gross proceeds of up to\n \n $6,000,930\n \n .\n \n \n In addition, the Company will grant the Agents an option (the \"Agents' Option\") to sell up to an additional 5,050,000 Flow-Through Shares at the Flow-Through Price for additional gross proceeds of\n \n $905,970\n \n , exercisable 48 hours prior to the Closing D...