Maritime Resources Corp., a gold exploration and development company, has announced a proposal to consolidate its common shares in order to enhance market efficiency. The consolidation, subject to shareholder and exchange approval, would involve combining up to ten pre-consolidation common shares into one post-consolidation common share. This move is aimed at improving the company’s capital structure and broadening the pool of potential investors.
Currently, Maritime has 595,716,319 common shares issued and outstanding. If the consolidation is approved, the company would have approximately 59,571,631 common shares. Fractional shares will not be issued, and no cash consideration will be paid for fractional shares.
The common shares will continue to trade on the TSX Venture Exchange under the symbol ‘MAE’, and the company’s name will remain the same. Additionally, the exercise or conversion price and the number of common shares issuable under outstanding warrants and stock options will be adjusted proportionately to reflect the consolidation.
Maritime Resources Corp. is focused on advancing the Hammerdown Gold Project in the Baie Verte District of Newfoundland and Labrador, a highly regarded mining jurisdiction. The company holds a 100% interest in the Green Bay Property, which includes the former Hammerdown gold mine and the Orion gold project. With over 439 km2 of exploration land, including the Green Bay, Whisker Valley, Gull Ridge, and Point Rousse projects, Maritime is well-positioned for future growth.
The company also owns mineral processing assets in the Baie Verte mining district, including the Pine Cove mill and the Nugget Pond gold circuit. In addition to its operations in Newfoundland and Labrador, Maritime Resources Corp. owns the Lac Pelletier gold project in Rouyn Noranda, Québec.
Garett Macdonald, President and CEO of Maritime Resources Corp., expressed confidence in the proposed consolidation, stating that it could lead to a more efficient market for the company’s common shares. Shareholders will have the opportunity to vote on the consolidation at the annual general and special meeting scheduled for August 8, 2024.
For more information on the consolidation, interested parties can refer to the company’s management information circular available on SEDAR+ at www.sedarplus.ca. Maritime Resources Corp. remains committed to its exploration and development efforts, aiming to unlock the full potential of its gold projects and deliver value to its shareholders.