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Maritime Resources (TSXV:MAE) reported that Commander Resources (TSXV:CMD) has granted Maritime the option to purchase 10 million of the 11.44 million common shares of Maritime which Commander currently owns. This would account for 28 percent of Maritime’s outstanding shares.
As quoted in the press release:
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 president and CEO, Doug Fulcher, said:
We are extremely pleased to be working with Commander for an orderly disposition of their share position as well as having their voting support throughout the agreement. We continue to work towards seeing the Hammerdown project advanced in an efficient and timely manner with the targeted goal of renewed activity at the past producing operation.
Click here to read the Maritime Resources (TSXV:MAE) press release
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