In This Article:
Toronto, Ontario--(Newsfile Corp. - April 3, 2025) - Maritime Resources (TSXV: MAE) ("Maritime" or the "Company") is pleased to announce that, in connection with its previously announced contemplated issuance of common shares (the "Interest Shares") to holders of US$5,000,000 non-convertible senior secured notes issued on August 14, 2023 (the "Notes"), the Company has issued 2,573,090 Interest Shares in full satisfaction of the interest payable thereunder as of March 31, 2025 in the aggregate amount of US$129,500 (the "Interest Payment").
In accordance with the terms of the Notes, the Company issued the Interest Shares in satisfaction of the Interest Payment at a deemed price of C$0.072 per Interest Share. The issuance of the Interest Shares remains subject to the final approval of the TSX Venture Exchange.
In connection with the Interest Payment, the Company issued an aggregate of 514,618 Interest Shares to Dundee Corporation ("Dundee") and, accordingly, the issuance of such Interest Shares to Dundee constituted a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Shareholder Approval ("MI 61-101"). The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements under MI 61-101 as neither the fair market value of the Interest Shares issued to Dundee, nor the consideration received for such Interest Shares, exceeded 25% of the Company's market capitalization. The Company did not file a material change report more than 21 days prior to the election to issue the Interest Shares as the period required to determine the number and per share price of the Interest Shares only ended on March 27, 2025.
Additional details regarding the Notes can be found in the Company's news releases dated July 27, 2023, August 21, 2023, and March 27, 2025, each of which is available under the Company's profile on SEDAR+ at www.sedarplus.ca.
About Maritime Resources Corp.
Maritime (TSXV: MAE) (OTC Pink: MRTMF) is a gold exploration and development company focused on advancing the Hammerdown Gold Project in the Baie Verte District of Newfoundland and Labrador, a top tier global mining jurisdiction. Maritime holds a 100% interest directly and subject to option agreements entitling it to earn 100% ownership in the Green Bay Property, which includes the former Hammerdown gold mine and the Orion gold project. Maritime controls over 439 km2 of exploration land including the Green Bay, Whisker Valley, Gull Ridge and Point Rousse projects. Mineral processing assets owned by Maritime in the Baie Verte mining district include the Pine Cove mill and the Nugget Pond gold circuit.