Maritime Announces Share Consolidation
Rhea-AI Summary
Maritime Resources Corp. (MRTMF) has announced a planned share consolidation (reverse stock split) on a 10-to-1 basis, effective June 16, 2025. The consolidation will reduce the company's outstanding common shares from 1,119,460,072 to approximately 111,946,007.
The consolidation, which was approved by shareholders on August 8, 2024, still requires TSX Venture Exchange approval. The company's existing stock options and warrants will be proportionally adjusted. Management believes this move will enhance marketability and facilitate organic growth while maintaining shareholders' proportionate ownership and voting power, except for minor adjustments due to fractional shares.
Positive
- Potential improved marketability of shares and ability to attract new investors
- Shareholders' proportionate ownership and voting power remain unchanged
- Could provide increased flexibility for future corporate initiatives
Negative
- Indicates possible concerns about low share price
- May face challenges in obtaining TSX Venture Exchange approval
- Could result in reduced trading liquidity initially
News Market Reaction
On the day this news was published, MRTMF gained 10.66%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Toronto, Ontario--(Newsfile Corp. - May 26, 2025) - Maritime Resources Corp. (TSXV: MAE) ("Maritime" or the "Company") announces it proposes to consolidate 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 will remain unchanged after the Consolidation, except for minor changes and adjustments resulting from the treatment of any fractional Common Shares.
Management believes the Consolidation will help facilitate ongoing organic growth while providing the Company with increased flexibility for future corporate initiatives. This proposed Consolidation aims to attract new shareholders and improve the marketability of the Common Shares as a compelling investment opportunity.
As a result of the Consolidation, the 1,119,460,072 Common Shares issued and outstanding prior to the Consolidation will be reduced to approximately 111,946,007 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 will be adjusted in accordance with the Consolidation.
The Consolidation was approved by shareholders at the Company's Annual General and Special Meeting held on August 8, 2024, but remains subject to the approval of the TSX Venture Exchange (the "TSX.V"). The effective date of the Consolidation will be on June 16, 2025. The Company will not be changing its name in conjunction with the Consolidation.
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
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
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, including obtaining all required approvals, among others. 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 TSX.V 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/253448
FAQ
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Will Maritime Resources' (MRTMF) stock consolidation affect shareholder ownership percentages?
What happens to Maritime Resources' (MRTMF) stock options and warrants after the consolidation?
