Maritime Resources Corp. Announces Closing of $20 Million Private Placement
Toronto, Ontario – Maritime Resources Corp. (TSXV: MAE) (“Maritime” or the “Company”), a leading mining exploration company, is thrilled to announce the successful completion of its “best efforts” private placement offering (the “Offering”). The Offering raised a total of $20,002,500 in gross proceeds.
Details of the Private Placement
The Offering was managed by Paradigm Capital Inc. (“Paradigm”), acting as lead agent and sole bookrunner, in collaboration with SCP Resource Finance LP (collectively, the “Agents”). The Company entered into an agency agreement with the Agents on the closing date (as defined below) of the Offering.
Terms of the Private Placement
Under the Offering, the Company issued Units at a price of $0.50 per Unit. Each Unit consists of one common share of the Company and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of the Company at an exercise price of $0.75 for a period of 24 months from the closing date.
Use of Proceeds
The net proceeds from the Offering will be used by the Company for exploration and development expenses, working capital, and general corporate purposes.
Impact on Maritime Resources Corp.
This significant investment will enable Maritime Resources Corp. to accelerate its exploration and development activities. With the increased financial resources, the Company can expand its operations, invest in new technologies, and potentially make new discoveries, creating value for its shareholders.
Impact on the World
Maritime Resources Corp.’s successful private placement is a positive sign for the mining industry as a whole. The increased investment in exploration and development can lead to new discoveries and job creation. Moreover, the use of modern technologies in mining operations can contribute to more sustainable and efficient practices, benefiting the environment and local communities.
Conclusion
Maritime Resources Corp.’s $20 million private placement represents an exciting development for the Company and the mining industry. With the financial support from the Agents, Maritime Resources Corp. can advance its exploration and development activities, potentially making new discoveries and creating value for its shareholders. Furthermore, the use of modern technologies in mining operations can contribute to a more sustainable and efficient industry, benefiting the environment and local communities.
- Maritime Resources Corp. completes $20 million private placement
- Paradigm Capital Inc. acts as lead agent and sole bookrunner
- Proceeds to be used for exploration, development, and working capital
- Positive impact on the mining industry and local communities
