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Maritime Responds to Announcement of Anaconda's Intention to Make an Unsolicited Offer for Maritime
Vancouver, British Columbia--(Newsfile Corp. - March 20, 2018) - Maritime Resources Corp. (TSX...
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[{"type":"text","content":"Maritime Responds to Announcement of Anaconda's Intention to Make an Unsolicited Offer for MaritimeVancouver, British Columbia--(Newsfile Corp. - March 20, 2018) - Maritime Resources Corp. (TSXV: MAE) (\"Maritime\" or the \"Company\") confirms that it is aware of the announcement by Anaconda Mining Inc. (\"Anaconda\") that it intends, subject to a number of conditions, to make an unsolicited takeover bid for the outstanding common shares of Maritime (\"Common Shares\").Maritime cautions that no formal offer has been presented to Maritime or its shareholders and there can be no certainty that an offer will be made or that a transaction will take place. Maritime's board of directors (the \"Board\") will consider and evaluate Anaconda's offer if and when received and will respond in due course. Shareholders should await the results of the review and recommendation of the Board before making any decisions with respect to the offer from Anaconda. After a formal bid document is received from Anaconda, Maritime will issue a directors' circular that will contain important information for shareholders, including the Board's recommendation regarding the offer. Since the initial offer was received on January 29, 2018, Anaconda's share price has retreated from a January high of $0.55, following their 4:1 share consolidation, to a March 19, 2018 close of $0.375. The Company advises shareholders not to deposit any Common Shares to the Anaconda offer and not to take any other action concerning the offer until shareholders have reviewed and considered the directors' circular.In its press release dated March 19, 2018 announcing its intention to acquire Maritime, Anaconda asserted that Maritime has been unwilling to engage with Anaconda in connection with its acquisition proposal made on January 29, 2018. Maritime is disappointed with Anaconda's tactics and has consistently expressed its willingness to consider Anaconda's unsolicited approach. In this regard, Maritime has taken great pains to make clear to the management of Anaconda that without reviewing in detail Anaconda and its assets and liabilities Maritime cannot consider a transaction with Anaconda. In its response to Anaconda's initial proposal on February 5, 2018, and in a second written request to Anaconda on March 16, 2018, Maritime requested the opportunity to access the relevant inf...