Maritime Announces Sale Of Lac Pelletier Project To Emperor Metals
Garett Macdonald, President and CEO comments, "This transaction is consistent with our plans to add shareholder value by divesting non-core assets like Lac Pelletier while we focus on our development projects in Newfoundland and Labrador. With the Lac Pelletier and Duquesne West gold projects we believe that Emperor will have a tremendous platform for gold exploration in the heart of the Abitibi greenstone belt and we are pleased to become an investor in the company."
Details of the Transaction
Maritime, through its wholly owned subsidiary 2823988 Ontario Corp., has agreed to sell the 25 mineral claims and a mining lease that form Maritime's interest in the Lac Pelletier project (Figure 1) in return for 12.5 million shares of Emperor, representing approximately 10.06% of the outstanding shares, if the shares were issued today. The shares of Emperor issued to Maritime will be subject to a customary four month and one day hold period. The proposed transaction is subject to customary closing conditions and is expected to close before March 31, 2025.
Figure 1. Map of the Abitibi Greenstone Belt
Source: Emperor Metals Inc.
To view an enhanced version of this graphic, please visit:
About Maritime Resources Corp.
Maritime (TSXV: MAE), (OTC Pink: MRTMF) is a gold exploration and development company focused on advancing the Hammerdown Gold Project in the Baie Verte District of Newfoundland and Labrador, a top tier global mining jurisdiction. Maritime holds a 100% interest directly and subject to option agreements entitling it to earn 100% ownership in the Green Bay Property which includes the former Hammerdown gold mine and the Orion gold project. Maritime controls over 439 km2 of exploration land including the Green Bay, Whisker Valley, Gull Ridge and Point Rousse projects. Mineral processing assets owned by Maritime in the Baie Verte mining district include the Pine Cove mill and the Nugget Pond gold circuit.
On Behalf of the Board:
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
Most popular stories
Market Research
- Manuka Honey Market Report 2024, Industry Growth, Size, Share, Top Compan...
- Modular Kitchen Market 2024, Industry Growth, Share, Size, Key Players An...
- Acrylamide Production Cost Analysis Report: A Comprehensive Assessment Of...
- Fish Sauce Market 2024, Industry Trends, Growth, Demand And Analysis Repo...
- Australia Foreign Exchange Market Size, Growth, Industry Demand And Forec...
- Cold Pressed Oil Market Trends 2024, Leading Companies Share, Size And Fo...
- Pasta Sauce Market 2024, Industry Growth, Share, Size, Key Players Analys...
Comments
No comment