12:47 PM EDT, 07/17/2025 (MT Newswires) -- Maritime Resources (MAE.V) on Thursday closed a private placement offering of shares that raised $11.5 million.

The company issued 10.17-million shares priced at $1.13 each in the placement, including the exercise of the agents' over-allotment option.

The company will use the proceeds for exploration and development at its mineral projects in Newfoundland and Labrador, repaying the balance of its US$5 million aggregate principal amount of senior secured notes, and general working capital purposes.

The company's shares were last seen down $0.01 to $1.18 on the TSX Venture Exchange.

Price: 1.18, Change: -0.01, Percent Change: -0.84