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May 18, 2020

Maritime Resources Corp. Completes $3.5 Million Non-Brokered Private Placement

Jeffrey K. Merk, Liam Tracey-Raymont and Carol J. Burns

Maritime Resources Corp. (TSXV: MAE), a Canadian gold mining and exploration company, completed a non-brokered private placement of common shares and flow-through common shares for aggregate gross proceeds of approximately $3.5 million. Maritime Resources issued a combination of 21,626,666 common shares at $0.06 each and 33,883,076 flow-through common shares at $0.065 each.

The net proceeds of the offering will be used by Maritime Resources to continue exploration and to further its plans to develop the Hammerdown Gold Project in Newfoundland and Labrador, as well as for working capital and general corporate purposes.

The Aird & Berlis team representing Maritime Resources was led by Jeffrey Merk and included Liam Tracey-Raymont, David Mba (Capital Markets) and Carol Burns (Tax).

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