Maritime Resources Corp. is planning a nonbrokered private placement of up to C$5 million through the issue of a combination of units at 10 Canadian cents per unit and flow-through units at 12 cents per unit.

Each unit consists of 1 share and half of a share purchase warrant, while each flow-through unit consists of 1 flow-through share and half of a share purchase warrant.

The company said March 14 that it will use the proceeds to advance the Green Bay and Whisker Valley gold projects in Newfoundland and Labrador and for infill and exploration diamond drilling and technical and environmental studies to support permitting at its Hammerdown gold project.

The offering is expected to close around April 12.