Maritime Resources Corp. Upsizes Private Placement to $20 Million

Maritime Resources Corp. (TSXV: MAE) has announced a significant upsize to its previously declared private placement offering, aiming to raise up to $20,002,500. This move is poised to bolster the company's financial position and accelerate its exploration and development projects, particularly the Hammerdown Gold Project in the Baie Verte District of Newfoundland and Labrador.

The upsized offering will see the issuance of up to 266,700,000 units at a price of $0.075 per unit. Each unit comprises one common share and one-half of one common share purchase warrant. The warrants will be exercisable to acquire one common share at an exercise price of $0.12 per share for 24 months from the closing date. This structure not only provides immediate capital but also offers investors the potential for future gains, aligning their interests with the company's long-term success.



The involvement of high-profile investors such as Eric Sprott and Dundee Corporation further underscores the confidence in Maritime Resources Corp.'s prospects. Eric Sprott has committed approximately $4,000,000, while Dundee Corporation has increased its investment to approximately $8,800,000. These investments not only provide substantial financial backing but also enhance the company's credibility and visibility in the market. The participation of such reputable investors can attract additional funding and partnerships, further strengthening Maritime Resources Corp.'s position in the industry.

The net proceeds from the offering will be used for exploration and development activities, as well as for general working capital purposes. This influx of capital will enable the company to accelerate its exploration initiatives, including those related to the Hammerdown Gold Project. The Hammerdown Gold Project is a key asset for Maritime Resources Corp., and the additional funding will support its advancement, potentially leading to significant discoveries and increased production.

The offering is expected to close on or about April 9, 2025, subject to regulatory approvals and customary closing conditions. All securities issued pursuant to the offering will have a hold period of four months and one day, ensuring compliance with securities regulations.



In summary, the upsized private placement offering by Maritime Resources Corp. represents a strategic move to secure the necessary capital for advancing its exploration and development projects. The involvement of prominent investors and the structured offering terms position the company for growth and success in the competitive gold exploration and development sector. As Maritime Resources Corp. continues to advance its projects, investors and industry observers will be watching closely to see the impact of this significant funding round.