Maritime Resources (MAE-V) May 22, '14 has closed a portion of the non-brokered private placement announced on May 9, 2014, for gross proceeds of $511,250. The company has issued 235,000 flow-through units at 30 cents per flow-through unit, 913,000 non-flow-through units (non-flow-through units) at 25 cents per non-flow-through unit and 850,000 common shares at 25 cents per common share. Each flow-through unit consists of one flow-through common share and one non-transferable share purchase warrant. Each non-flow-through unit consists of one common share and one non-transferable share purchase warrant. Each share purchase warrant attached to the flow-through units and the non-flow-through units entitles the holder to purchase one non-flow-through common share at a price of 35 cents until May 21, 2015. One hundred four thousand of the non-flow-through units issued and the 850,000 common shares issued were for settlement of debt in the amount of $238,500 relating to repayment of loans and interest thereon and accrued fees for directors. Note that this amount for debt settlement is a correction to the company's news release dated May 16, 2014. No finders' fees were paid in connection with this portion of the financing.
All the securities issued hereunder are subject to a four-month hold period and may not be traded until Sept. 23, 2014. |
