Maritime Announces Closing Of The Final Tranche Of Its Non-Brokered Private Placement Of Units

TORONTO, ON (Newsfile Corp. – August 24, 2023) Maritime Resources Corp. (TSXV: MAE) (“Maritime” or the “Company”) is pleased to announce the closing of the final tranche of its previously announced non-brokered private placement (the “Offering”) of 4,000,000  units (“Units”) at a price of $0.04 per Unit for aggregate gross proceeds of $160,000. Each Unit is comprised of one common share (each, a “Share”) and one common share purchase warrant (each, a “Warrant”), with each Warrant entitling the holder to acquire one Share (each, a “Warrant Share”) at a price of $0.07 per Warrant Share (the “Exercise Price”) until August 14, 2026 (the “Warrant Expiry Date”). The Warrants are governed by the terms of a warrant indenture entered into between the Company and Computershare Trust Company of Canada, as warrant agent, dated as of August 14, 2023. Completion of the Offering is subject to the final approval of the TSX Venture Exchange (the “Exchange”).

In connection with the Offering, the Company paid a cash commission of $3,600 to a finder for certain subscriptions and issued broker warrants of the Company exercisable at any time prior to the Warrant Expiry Date to acquire up to 90,000 Shares at the Exercise Price.

The net proceeds of the Offering will be used to fund general and working capital purposes.

All securities issued pursuant to the Offering are subject to a hold period of four months plus a day from the date of issuance prescribed by the Exchange and the resale rules of applicable securities legislation.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the “1933 Act“) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available. 

About Maritime Resources Corp.

Maritime holds a 100% direct interest, subject to option agreements entitling it to earn 100% ownership, in the Green Bay Property in Newfoundland and Labrador. This includes the former Hammerdown gold mine, the Orion gold project and the Whisker Valley exploration project, all located in the Baie Verte Mining District near the town of King’s Point.  The Company also owns the Point Rousse project and the gold processing circuit at the Nugget Pond mill, both near the town of Baie Verte.  In Quebec, Maritime owns the Lac Pelletier gold project near the city of Rouyn Noranda.

On Behalf of the Board
MARITIME RESOURCES CORP.

1900-110 Yonge St., Toronto, ON M5C 1T4
Phone: (416) 365-5321

For further information, please contact:
Garett Macdonald,
President and CEO

info@maritimegold.com
www.maritimeresourcescorp.com

Caution Regarding Forward Looking Statements:

Certain of the statements made and information contained herein is “forward-looking information” within the meaning of National Instrument 51-102 Continuous Disclosure Obligations of the Canadian Securities Administrators. These statements and information are based on facts currently available to the Company and there is no assurance that actual results will meet management’s expectations. Forward-looking statements and information may be identified by such terms as “anticipates”, “believes”, “targets”, “estimates”, “plans”, “expects”, “may”, “will”, “could” or “would”.  While the Company considers its assumptions to be reasonable as of the date hereof, forward-looking statements and information are not guarantees of future performance and readers should not place undue importance on such statements as actual events and results may differ materially from those described herein. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking statements in this news release include without limitation, the use of proceeds of the Offering and the final approval of the Exchange for the Offering, among others. All forward-looking information contained in this press release is given as of the date hereof, and is based on the opinions and estimates of management and information available to management as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise, except as may be required by applicable securities laws.

Neither Exchange  nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.