Maritime Resources Announces Stock Option Grant

Rhea-AI Summary

Maritime Resources Corp. (TSXV: MAE) (OTC Pink: MRTMF) announced the grant of 5,450,000 stock options to its employees, consultants, directors, and officers. This decision follows the Company's annual compensation review and adheres to the Stock Option Plan approved by shareholders on November 30, 2023. The plan permits issuing options up to 10% of the Company's rolling issued and outstanding common shares. Currently, the total outstanding options represent approximately 3.5% of the issued shares. The options have an exercise price of $0.06 and are exercisable for five years. Concurrently, 3,250,000 options expired on June 18, 2024.

Positive

• Grant of 5,450,000 stock options aligns with annual compensation review.
• Option plan approved by shareholders on November 30, 2023.
• Options represent only 3.5% of the issued shares, well below the 10% limit.

Negative

• Exercise price of $0.06 might indicate a low stock valuation.
• 3,250,000 options expired potentially signaling unexercised options.

Toronto, Ontario--(Newsfile Corp. - June 18, 2024) - Maritime Resources Corp. (TSXV: MAE) (OTC Pink: MRTMF) ("Maritime" or the "Company") has granted 5,450,000 options to employees, consultants, directors and officers of the Company. The option grant is the result of the Company's annual compensation review and the issuance is made in accordance with the Company's Stock Option Plan. The plan was approved by shareholders on November 30, 2023 and allows the Company to issue a number of options up to 10% of its rolling issued and outstanding common shares. Including this issuance, the total outstanding options represent approximately 3.5% of the issued common shares of the Company. The options have an exercise price of $0.06 and are exercisable for a period of 5 years.

A total of 3,250,000 options are expired today, June 18, 2024.

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. The Company also owns the Lac Pelletier gold project in Rouyn Noranda, Québec.

On Behalf of the Board:

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 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. 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 Exchange 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/213543

FAQ

What did Maritime Resources announce on June 18, 2024?

Maritime Resources announced the grant of 5,450,000 stock options to its employees, consultants, directors, and officers.

What is the exercise price of the newly granted stock options by Maritime Resources?

The exercise price of the newly granted stock options is $0.06.

How long are the newly granted stock options by Maritime Resources exercisable?

The newly granted stock options are exercisable for a period of five years.

How many stock options expired on June 18, 2024, for Maritime Resources?

A total of 3,250,000 stock options expired on June 18, 2024.

How does the new option grant compare to the company's total issued shares?

The new option grant represents approximately 3.5% of Maritime Resources' issued common shares.