Maritime Announces Completion of Share Consolidation

Rhea-AI Summary

Maritime Resources (TSXV: MAE) has completed a 10:1 share consolidation, reducing its outstanding common shares from 1,124,952,780 to 112,495,278. The consolidation maintains shareholders' proportionate ownership and voting power, with only minor adjustments for fractional shares. The company has obtained new CUSIP (57035U706) and ISIN (CA57035U7069) numbers, as well as restricted ones for shares from the April 9, 2025 private placement. The consolidation also adjusts the exercise price and number of shares for existing stock options and warrants. The company will retain its current name and trading symbol, and registered shareholders will receive instructions for exchanging their share certificates.

Positive

• Share consolidation could help meet minimum share price requirements for exchange listing
• Consolidation may attract institutional investors who typically avoid low-priced stocks
• Shareholders maintain their proportionate ownership and voting power

Negative

• Share consolidation does not fundamentally change company value or market capitalization
• Transaction costs for shareholders to exchange physical share certificates

Toronto, Ontario--(Newsfile Corp. - June 16, 2025) - Maritime Resources (TSXV: MAE) ("Maritime" or the "Company") announces that, further to its press release on May 26, 2025, it has consolidated the Company's issued and outstanding common shares (the "Common Shares") on the basis of one (1) new Common Share for every ten (10) existing Common Shares (the "Consolidation"). Each shareholder's percentage ownership in the Company and proportionate voting power remains unchanged after the Consolidation, except for minor changes and adjustments resulting from the treatment of any fractional Common Shares.

As a result of the Consolidation, the 1,124,952,780 Common Shares issued and outstanding prior to the Consolidation have been reduced to 112,495,278 Common Shares. The exercise price of the Company's existing incentive stock options under the Company's omnibus equity incentive plan, the number of Common Shares issuable thereunder, and the exercise price and number of Common Shares issuable under certain outstanding warrants have been adjusted in accordance with the Consolidation.

In connection with the Consolidation, the Company has obtained a new unrestricted CUSIP (57035U706) and ISIN (CA57035U7069), as well as a new restricted CUSIP (5035U870) and ISIN (CA57035U8703) in respect of the Common Shares issued pursuant to the private placement of units completed on April 9, 2025 (See the Company's news release dated April 9, 2025). There will be no name change or trading symbol change in conjunction with the Consolidation.

A letter of transmittal from the Company's transfer agent, Computershare Trust Company of Canada, will be mailed to registered shareholders providing instructions on how to exchange their physical share certificates representing pre-Consolidation Common Shares for new certificates representing post-Consolidation Common Shares.

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:

MARITIME RESOURCES CORP.

Garett Macdonald, MBA, P.Eng.
President and CEO
Phone: (416) 365-5321
info@maritimegold.com
www.maritimeresourcescorp.com

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Caution Regarding Forward-Looking Statements:

Certain of the statements made and information contained herein is "forward-looking information" within the meaning of National Instrument 51-102 - Continuous Disclosure Obligations of the Canadian Securities Administrators. These statements and information are based on facts currently available to the Company and there is no assurance that actual results will meet management's expectations. Forward-looking statements and information may also be identified by such terms as "anticipates", "believes", "targets", "estimates", "plans", "expects", "may", "will", "could" or "would". While the Company considers its assumptions to be reasonable as of the date hereof, forward-looking statements and information are not guarantees of future performance and readers should not place undue importance on such statements as actual events and results may differ materially from those described herein. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking statements in this news release include without limitation, statements with respect to the Consolidation. All forward-looking information contained in this press release is given as of the date hereof, and is based on the opinions and estimates of management and information available to management as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise, except as may be required by applicable securities laws.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/255636

FAQ

What is the ratio of Maritime Resources (MRTMF) share consolidation in 2025?

Maritime Resources completed a 10:1 share consolidation, where one new common share was issued for every ten existing common shares.

How many shares does Maritime Resources have after the 2025 consolidation?

After the consolidation, Maritime Resources reduced its outstanding common shares from 1,124,952,780 to 112,495,278 shares.

Will Maritime Resources change its name or trading symbol after the consolidation?

No, Maritime Resources will not change its name or trading symbol in conjunction with the share consolidation.

How does the Maritime Resources consolidation affect existing shareholders?

Shareholders maintain their percentage ownership and proportionate voting power, with only minor adjustments for fractional shares. Stock options and warrants are also adjusted accordingly.

What are Maritime Resources new CUSIP and ISIN numbers after consolidation?

The new unrestricted CUSIP is 57035U706 and ISIN is CA57035U7069, with restricted CUSIP 5035U870 and ISIN CA57035U8703 for shares from the April 2025 private placement.