Maritime Resources Corp.: Maritime Resources Announces Proceeds of $1.94 Million from Exercise of Warrants
Toronto, Ontario--(Newsfile Corp. - April 13, 2021) -
Maritime Resources Corp. (TSXV: MAE) ("Maritime" or the "Company") is pleased to announce the exercise of 12,959,357 common share purchase warrants for gross proceeds of $1.94 million. Each common share purchase warrant was exercisable for one whole common share of the Company, for a period of two years at an exercise price of $0.15. The warrants were issued in connection with a non-brokered private placement announced on March 14, 2019. Maritime currently has 7.9 million common share purchase warrants outstanding.
"This infusion of cash further strengthens Maritime's balance sheet, which following the close of Tembo Capital's private placement and the purchase of the Nugget Pond gold circuit announced earlier today brings the Company's current cash position to $11.5 million," commented Garett Macdonald, President and CEO of Maritime. "2021 will be a pivotal year for Maritime as we advance the Hammerdown Gold Project through feasibility and permitting while conducting an extensive exploration program across our key projects in Newfoundland and Labrador," continued Mr. Macdonald.