Maritime Resources (TSXV: MAE) has gotten inventive with its financings to help advance its 100%-held Green Bay gold property in Newfoundland and Labrador. The junior has offered a streaming royalty as part of its equity raises, where investors will receive their investment back once production starts.
“We came up with the idea, let’s say mid-2015, as an incentive to our shareholders that are participating in the funding that is going to get us up and going. It was very tough to raise money. So, it was a creative way to incentivize the new coming shareholders to invest in the company,” Doug Fulcher, Maritime’s president and CEO, says.
Maritime first implemented the idea in a non-brokered private placement last November. It closed a portion of that financing this February, and offered the royalty again in a financing in April. In total, it raised $985,500 in those two equity raises.
While investor sentiment has improved with the higher commodity prices this year, Maritime has continued to sweeten its financings.
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