March 21, 2018 ~ Junior exploration company Maritime Resources has in its hands what looks to be pretty hot gold properties in Newfoundland. The company has an eye to bringing it’s Hammerdown Mine, and its other Green Bay/Baie Verte Pen. gold targets, into production perhaps as soon as 2019.
But a few days ago mining and exploration company Anaconda Mining announced that it aims to make a formal offer to take-over Maritime by acquiring all issued and outstanding common Maritime shares.
Anaconda said it had sent an offer to Maritime in January and, because of a “lack of engagement” from Maritime’s board, it may move the offer on directly to Maritime’s shareholders themselves.
Anaconda stated it was “steadfast in […] resolve” to bring the “two companies together”.
It added that Maritime was also in default of a half a million dollar loan, a loan that Anaconda had, it seems, acquired from original lender Code Consulting Limited.
In a news release dated March 20th, Maritime publicly responded.
Maritime stated it “is disappointed with Anaconda’s tactics…”.
The company cautioned that no formal offer has been presented to Maritime or to its shareholders and therefore it is not certain an offer will be made, or that a transaction is certain to take place.
Maritime stated its board of directors will consider and evaluate Anaconda’s offer “if and when received and will respond in due course.” The company said shareholders should wait for the recommendation of the board before making any decisions on an Anaconda offer.
The news release goes on to state the Maritime board “consistently expressed its willingness to consider Anaconda’s unsolicited approach.” Maritime said it tried to make it clear to Anaconda it would not consider a transaction with Anaconda without being able to review Anaconda’s assets and liabilities in detail.
Maritime said that, since the January proposal, it has twice requested to access the information and contends Anaconda ignored the requests.
The March 20th Maritime news release also referred to that half a million dollar loan. Maritime confirmed that it knew Anaconda had acquired the loan. It stated the loan is due on April 25, 2018, and that it intends to “repay the Code Loan approximately 3 weeks before its original expiry.”
The company said that after that point it will be debt free.
Maritime has retained legal counsel and financial advisors to help in responding to “Anaconda’s unsolicited approach.”
Maritime stated it “will continue its aggressive development and exploration season already well underway on both the Hammerdown and Whisker projects. The work will consist of geophysical surveys that are underway followed by a 3000-metre drill program which is expected to begin shortly. Permitting is also well underway on the dewatering program that is expected to start early summer of 2018.”
Anaconda Wants Hammerdown Mine Near King’s Point
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