Dundee Corporation Announces Acquisition of Senior Secured Notes and Units of Maritime Resources Corp.
August 21 2023 - 5:13PM
In accordance with regulatory requirements, Dundee Corporation
(TSX: DC.A) (“Dundee”) announces that its wholly owned subsidiary,
Dundee Resources Limited, has acquired US$1,000,000 principal
amount non-convertible senior secured notes of Maritime Resources
Corp. (TSXV - MAE) (“Maritime” or the “Issuer”) maturing August 14,
2025 which may be extended by Maritime in certain circumstances and
under certain conditions until August 14, 2026 (the “Extended
Maturity Date”). As part of the purchase of the senior secured
notes, Dundee Resources Limited received 7,662,285 warrants (“Note
Warrants”) of Maritime. Each Note Warrant is exercisable into one
common share in the capital of the Issuer at a price of $0.07 per
Note Warrant up until August 14, 2025, and subject to an extension
in the event that the maturity date of the senior secured notes is
extended to the Extended Maturity Date. Concurrently, Dundee
Resources also acquired 13,125,000 units (the “Units”) of Maritime
at the price of C$0.04 per Unit for aggregate consideration of
C$525,000. Each Unit is comprised of one common share and one
common share purchase warrant (a “Warrant”). Each Warrant is
exercisable to acquire one common share of the Issuer at an
exercise price of C$0.07 per share until August 14, 2026.
Immediately prior to the acquisition of
securities described in this news release, Dundee and its
affiliates owned 93,861,919 common shares of the Issuer
representing an approximate 19.79% interest in the Issuer on an
undiluted basis. Immediately following the transaction that
triggered the requirement to file this news release, Dundee and its
affiliates own or control an aggregate of 106,986,919 common shares
and 20,787,285 warrants, representing an approximate 19.75%
interest in the Issuer on an undiluted basis and a 22.72% interest
in the Issuer on a partially diluted basis.
Dundee acquired the securities of the Issuer for
investment purposes only. Dundee intends to review, on a continuous
basis, various factors related to its investment, including (but
not limited to) the price and availability of the securities of the
Issuer, subsequent developments affecting the Issuer or its
business, and the general market and economic conditions. Based
upon these and other factors, Dundee may decide to purchase
additional securities of the Issuer or may decide in the future to
sell all or part of its investment.
This news release is being issued in accordance
with National Instrument 62-103 – The Early Warning System and
Related Take-Over Bid and Insider Reporting Issues in connection
with the filing of an early warning report. The early warning
report respecting the acquisition will be filed on the System for
Electronic Document Analysis and Retrieval (“SEDAR”) at
www.sedar.com under the Issuer’s profile. To obtain a copy of the
early warning report filed by Dundee, please contact:
Dundee CorporationLegal Department80 Richmond
Street West, Suite 2000Toronto, Ontario M5H 2A4Tel: (416)
365-5172
ABOUT DUNDEE CORPORATION
Dundee Corporation is a public Canadian
independent holding company, listed on the Toronto Stock Exchange
under the symbol “DC.A”. Through its operating subsidiaries, Dundee
Corporation is an active investor focused on delivering
long-term, sustainable value as a trusted partner in the mining
sector with more than 30 years of experience making accretive
mining investments.
FOR FURTHER INFORMATION PLEASE
CONTACT:
Investor and Media RelationsT: (416) 864-3584E:
ir@dundeecorporation.com
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