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Maritime Resources Announces Closing of $11.5 Million Brokered Private Placement Financing
Newsfile·2025-07-17 13:23

Core Points - Maritime Resources Corp. has successfully closed a brokered private placement offering, raising approximately $11,500,490 through the issuance of common shares [1][2] - The offering involved the issuance of 10,177,425 shares at a price of $1.13 per share, with a hold period of four months plus one day [2] - The net proceeds will be allocated for exploration and development of mineral projects in Newfoundland and Labrador, repayment of senior secured notes, and general working capital [2] Financial Details - The company paid a total of $684,089 in cash commissions and corporate finance fees to the agents involved in the offering [3] - Compensation options were issued to the agents, allowing them to acquire up to 605,389 shares at the issue price over a period of 24 months [3] Regulatory Compliance - The offering was conducted under private placement exemptions in Canada and the United States, without registration under the U.S. Securities Act [4] - Certain insiders participated in the offering, subscribing for 30,975 shares for gross proceeds of $35,002, which is classified as a related party transaction [5] Company Overview - Maritime Resources Corp. is focused on gold exploration and development, particularly the Hammerdown Gold Project in Newfoundland and Labrador [6] - The company holds a 100% interest in the Hammerdown gold mine and the Orion gold project, controlling over 439 km² of exploration land [6][8]