Maritime Resources Declares Completion of $11.5 Million Fundraising through a Brokerage Arrangement
Maritime Resources Corp. (TSXV: MAE) has successfully closed a private placement offering, securing approximately $11,500,490 for the company. The offering, led by Paradigm Capital Inc. and SCP Resource Finance LP, involved the issuance of 10,177,425 common shares at a price of $1.13 per share.
The net proceeds from the offering will be utilised for exploration and development, repayment of debt, and general working capital. However, specific allocation details were not provided in the announcements.
The offering was not registered under the U.S. Securities Act and as such, the securities may not be offered or sold in the United States without registration or compliance with applicable exemptions. The news release was not distributed to United States news wire services or for dissemination in the United States.
Certain insiders of the company participated in the offering, constituting a related party transaction. The company also paid a cash commission and corporate finance fee of $684,089 in connection with the offering.
The securities issued in the offering are subject to a four-month hold period. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Garett Macdonald, the President and CEO of Maritime Resources Corp., emphasised that the successful completion of this private placement indicates strong investor support for the company, which can help in advancing its projects or strengthening its financial position.
Maritime Resources Corp. is a gold exploration and development company focused on the Hammerdown Gold Project in Newfoundland and Labrador. The company disclaims any intention or obligation to update or revise any forward-looking information. The forward-looking statements are based on facts currently available to the company and are not guarantees of future performance.
For more information, please contact Garett Macdonald at (416) 365-5321, email [email protected], or visit the company's website at www.maritimeresourcescorp.com.
The successful private placement will enable Maritime Resources Corp. to invest in exploration and development, repay debt, and boost general working capital for the business. The net proceeds from the offering will be allocated towards various company objectives, although specific details are yet to be disclosed.
