Commander Signs Option Agreement with Maritime for Purchase of Maritime Shares
VANCOUVER, BC - Commander Resources Ltd. ("Commander") (CMD-TSX Venture) has grantedMaritime Resources Corp. (MAE-TSX Venture) ('Maritime' or 'Company'), or its nominees (the 'Maritime Group'), the option to purchase 10,000,000 of the 11, 440,000 common shares of Maritime that Commander currently owns. This represents 28% of the outstanding shares of the Company.
Commander acquired the shares as payment for the Green Bay Property which Maritime purchased from Commander in March 2010 (news release dated March 10th, 2010). The option to purchase the shares has been divided into five equal stages of 2,000,000 shares each.
Maritime will identify third parties to purchase the initial 2,000,000 shares at a price of CAD$0.18 per share on or before February 20th, 2015. 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 two years at escalating prices of $0.25, $0.30, $0.40 and $0.50. 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 parties have also entered into a Voting Trust Agreement whereby Commander has agreed to vote its remaining shares with management of Maritime, 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,
Chairman of the Board
Eric Norton, President and CEO
Toll Free: 1-800-667-7866
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.