MARITIME GROSSES $3.5M FROM SHARE OFFERS

(MAE.V) Nov. 8, 2018 – Maritime Resources Corp. has closed its non-brokered private placement previously announced on Oct. 11. The company raised $3,502,959 through the issuance of a combination of 25,460,900 units at a price of $0.11 per unit, and 5,402,000 flow-through units at a price of $0.13 per FT unit.

Each unit consists of one common share and half of one transferable share-purchase warrant. Each whole warrant will entitle the holder to acquire one common share of the company at a price of $0.15 per common share for a period of 24 months expiring Nov. 7, 2020.

Each FT unit consists of one common flow-through share and half of one transferable share-purchase warrant. Each whole FT warrant will entitle the holder to acquire one non-flow-through common share of the company at a price of $0.15 per common share for a period of 24 months expiring Nov. 7, 2020.

All warrants will include an acceleration clause that, if at any time after four months from the closing of the offering, if the closing price of the company’s common shares on the TSX Venture Exchange is greater than $0.25 for 20 consecutive trading days, then the expiry date for the warrants may, by notice in writing by the company, be accelerated to 30 days following the date that such notice is given.

The company issued 2,152,791 finder units at a price of $0.11 per finder unit. Each finder unit is comprised of one common share and half of one non-transferable warrant. Each whole-unit finder warrant is exercisable to purchase one common share of the company at a price of $0.15 per common share for a period of 24 months expiring Nov. 7, 2020. The company also issued 2,152,791 finder warrants exercisable at a price of $0.11 for a period of 24 months expiring Nov. 7, 2020.

All securities issued are subject to a four-month hold period expiring Mar. 9, 2019.

Dundee Resources Ltd. purchased $1.77 million of the financing and now, together with its affiliates, owns or controls approximately 18.54 percent of Maritime Resources on an undiluted basis and 25.28 percent on a partially diluted basis. As finder, Sprott Capital Partners, a division of Sprott Private Wealth, has placed $1.5 million, with Sprott Inc. purchasing $625,000 and together with its affiliates will own 13.25 percent of Maritime Resources on a partially diluted basis.

“With the closing of this placement and the significant participation by both Dundee and Sprott as strategic partners, we are now in a position to move forward with our goals for the Hammerdown and Whisker projects,” said Maritime president and CEO Doug Fulcher. “We are continuing to add to our team of professionals to further enhance our ability to advance our project in Newfoundland.”

The net proceeds from the financing will be used to advance the company’s 100-percent-owned Hammerdown mine project as well as the Whisker Valley and Orion project in Newfoundland, and for general working capital and corporate purposes.

Maritime Resources holds 100 percent of the Green Bay property, located near Springdale, Newfoundland. The property hosts the past-producing Hammerdown gold mine and the Orion gold deposit separated by a 1.5-kilometre distance that sits within an overall strike length of 4,000 metres. The Lochinvar base metals/precious metals deposit sits to the northeast end of the Rumbullion deposit.

Disclaimer: ALWAYS DO YOUR OWN RESEARCH and consult with a licensed investment professional before making an investment. This communication should not be used as a basis for making any investment.

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