Gold explorer Maritime Resources Corp. said April 7 that it amendedthe terms to buy back its shares from Commander Resources Ltd., which currently holds a 25.4%stake in the company.

Maritime will now identify third parties to purchase aninitial 2.0 million shares at 14 Canadian cents per share on or before Aug. 31,of which 1.0 million shares must be purchased before April 30.

The company will then have the option to identify thirdparty purchasers to purchase an additional 2.0 million shares every six monthsover the next 18 months at escalating prices of 21 cents per share, 25 centsper share and 30 cents per share.

Maritime received an option in February 2015 to acquire 10 million commonshares, or 28% of its outstanding shares, from Commander.