Maritime Resources (TSX-V: MAE) has announced the closing of its previously publicized asset sale transaction with Nomad Royalty Company Ltd.
Maritime sold a portion of its royalty portfolio in several Canadian exploration projects in Quebec, British Columbia, and Ontario, to Nomad for US$700,000, which was satisfied through the issuance of 96,818 Nomad common shares.
Maritime has stipulated that as a part of the asset sale process, a right of first refusal associated with one of the royalties being sold was exercised and the applicable royalty was sold for approximately C$375,000, or US$300,000.
Garett Macdonald, President and CEO of Maritime stated, “This agreement realizes the value of our royalty portfolio today while also providing upside exposure through an equity position in Nomad, one the industry’s fastest growing royalty companies”.
Maritime Resources Key Projects
Maritime Resources 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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