Commander Amends Option Agreement with Maritime for Purchase of Maritime Shares
VANCOUVER, BC / ACCESSWIRE / April 7, 2016 / Commander Resources Ltd. (TSXV: CMD) ("Commander") and Maritime Resources Corp. (TSXV: MAE) ('Maritime' or 'Company') have agreed to amend the terms of the option and share purchase agreement originally announced February 13, 2015. Commander currently holds 9,440,000 shares in Maritime reflecting 25.4% of the outstanding share of Maritime.
Under the new modified terms Maritime will identify third parties to purchase an initial 2,000,000 shares at a price of CAD$0.14 per share on or before August 31st 2016 of which 1,000,000 shares must be purchased before April 30th, 2016. Provided that such initial sale is completed, Maritime will then have the option to identify third party purchasers to purchase an additional 2,000,000 shares every 6 months over the next 18 months at escalating prices of $0.21, $0.25, and $0.30. The final two option prices are further subject to the price being the greater of the option price or 85% of the volume weighted average price of the common shares for the 10 trading days immediately preceding the applicable option exercise date. Any shares not purchased in a particular option exercise period are carried forward one time to the next exercise period at the higher exercise price, provided that a minimum of 500,000 shares have been purchased in the preceding period. The Voting Trust Agreement announced February 13, 2015 whereby Commander agreed to vote its shares held under option with management of Maritime, remains in full force and effect for the duration of the option agreement. Any shares that are not purchased pursuant to the terms of the option agreement will automatically be released from the provisions of the Voting Trust Agreement.
On behalf of the Board of Directors,
Robert Cameron
Chairman
For further information, please call:
Robert Cameron, President and CEO
Toll Free: 1-800-667-7866
info@commanderresources.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
SOURCE: Commander Resources Ltd.