Representative Matters

Maritime Resources Corp. Acquires Point Rousse Mining Inc. and Completes Related Financings

On August 21, 2023, Maritime Resources Corp. (TSXV: MAE) announced the completion of its acquisition of all of the outstanding shares of Point Rousse Mining Inc. from Signal Gold Inc., the closing of a US$5 million principal amount brokered note and common share purchase warrant offering and C$1.735 million of the first tranche under its up to C$3 million non-brokered private placement of units of the company. The proceeds of the financings were used in part to satisfy the cash portion of the purchase price of Point Rousse.

Point Rousse owns all of the property, assets, mineral rights, royalties and liabilities underlying the Point Rousse Project located in the Province of Newfoundland and Labrador. Maritime and New Found Gold entered into a memorandum of understanding pursuant to which New Found Gold will be granted exclusivity to conduct due diligence and negotiate a toll processing agreement with Maritime at the existing Pine Cove Mill.

Shoreline Aggregates Inc., an aggregate producer and export company, advanced C$1 million in support of the acquisition. Maritime will provide Shoreline with access to the property, including approximately 70 hectares of land for their continued and future operations, while Maritime retains all mineral rights.

Aird & Berlis advised Maritime on all aspects of the acquisition, including the financings and agreements with New Found Gold and Shoreline, with a team led by Jeffrey Merk and including Melanie Cole, Liam Tracey-Raymont and Russell Sanders (Capital Markets), Rachel Silber and Jonathan Yantzi (Financial Services) and Adria Leung-Lim (Mining).