Maritime Resources Corp. (TSX-V: MAE) is pleased to announce the signing of an asset sale agreement with Nomad Royalty Company Ltd. The sale agreement relates to Maritime’s royalty portfolio covering a number of Canadian exploration projects in Quebec, British Columbia and Ontario.
The purchase price for the asset sale is US$1,000,000, subject to the exercise of any rights of first refusal associated with the assets being sold. The purchase price will be satisfied by Nomad through the issuance of common shares based on the 5-day volume weighted average price of Nomad’s shares on the NYSE immediately prior to the closing date. The proposed transaction is subject to a number of customary closing conditions and is expected to close in January 2022.
Garett Macdonald, President and CEO of Maritime commented “We are pleased to announce this transaction with Nomad to monetize an asset that we acquired earlier this year as part of the Nugget Pond gold plant acquisition. The sale unlocks value for Maritime and provides a non-dilutive source of future capital as we continue with our development plans for the Hammerdown Gold Project in Newfoundland and Labrador”.
About Maritime Resources Corp.
Maritime holds a 100% interest, directly and subject to option agreements entitling it to earn 100% ownership, in the Green Bay Property, including the former Hammerdown gold mine and the Orion gold project plus the Whisker Valley exploration project, all located in the Baie Verte Mining District near the town of King’s Point, Newfoundland and Labrador. The Hammerdown Gold Project is characterized by near-vertical, narrow mesothermal quartz veins containing gold associated with pyrite. Hammerdown was last operated by Richmont Mines between 2000-2004.
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We acknowledge the [financial] support of the Government of Canada.