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Maritime Resources Upsizes Bought Deal Private Placement to $8.7 Million
Toronto, Ontario--(Newsfile Corp. - July 31, 2020) -  Maritime Resources (TSXV: MAE) ("...
About this update from New Found Gold Corp
[{"type":"text","content":"Maritime Resources Upsizes Bought Deal Private Placement to $8.7 MillionToronto, Ontario--(Newsfile Corp. - July 31, 2020) -  Maritime Resources (TSXV: MAE) (\"Maritime\" or the \"Company\") is pleased to announce that it has entered into an amending agreement with Sprott Capital Partners LP (\"Sprott\"), on its own behalf and on behalf of a syndicate of underwriters (together with Sprott referred to collectively as the \"Underwriters\"), to increase the size of its previously announced \"bought deal\" private placement from $6,000,000 to $8,705,132.50 (the \"Upsized Offering\"). Under the terms of the Upsized Offering, the Company has agreed to issue, on a bought deal private placement basis, $8,705,132.50 of securities of the Company, consisting of 43,367,550 common shares in the capital of the Company (\"Common Shares\") at a price of $0.15 per Common Share (the \"Issue Price\") for gross proceeds of $6,505,132.50, and (ii) 11,000,000 Shares issued on a flow-through basis under the Income Tax Act (Canada) for gross proceeds of $2,200,000. The Upsized Offering does not include an over-allotment option. The Company expects the Upsized Offering to be completed on or about August 20, 2020 or such other date as may be agreed to by the Company and Sprott.The other terms of the Upsized Offering, including the cash commission payable to the Underwriters, and the use of proceeds of the Upsized Offering, are set out in the press release of the Company dated July 30, 2020, which is available on SEDAR at www.sedar.com. Dundee Goodman Merchant Partners' parent company, Dundee Corporation, will participate in the Offering to maintain its existing share ownership of approximately 18.3% of the Company. Prior to the completion of the Offering, Sprott Inc., the parent company of Sprott, and certain of its affiliates, owns or exercises control or direction over an aggregate 25,898,604 Common Shares and 7,935,242 warrants of the Company, representing approximately 14.12% of the issued and outstanding Common Shares, assuming the exercise of warrants.The Upsized Offering is subject to certain closing conditions, including TSX Venture Exchange approval, and all of the securities issued under the Upsized Offering will be subject to a four month hold period.This news release does not constitute an offer to sell or a solicitation of an offer to b...