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Maritime Resources Corp. — M&A Activity 2025
Nov 20, 2025
46309_rns_2025-11-19_2b1d4e23-d5fb-4f2e-a762-39bd3b37b089.pdf
M&A Activity
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Form 51-102F3
MATERIAL CHANGE REPORT
Item 1. Name and Address of Reporting Issuer
Maritime Resources Corp. (“Maritime” or the “Company”)
Suite 3200, 650 West Georgia Street
Vancouver, British Columbia, V6B 4P7
Item 2. Date of Material Change
November 13, 2025
Item 3. News Release
A news release announcing the material change was disseminated on November 13, 2025 and a copy was subsequently filed on SEDAR+.
Item 4. Summary of Material Change
On November 13, 2025, the Company completed the plan of arrangement under the Business Corporations Act (British Columbia) (the “Plan of Arrangement” or the “Arrangement”) involving the Company and New Found Gold Corp. (“New Found Gold”), pursuant to which New Found Gold acquired all of the issued and outstanding shares of the Company that it did not already own (the “Maritime Shares”).
Item 5. Full Description of Material Change
5.1 Full Description of Material Change
On November 13, 2025, the Company completed the Plan of Arrangement involving the Company and New Found Gold, pursuant to which New Found Gold acquired the Maritime Shares.
Pursuant to the Arrangement, shareholders of Maritime were entitled to receive 0.750 of a common share of New Found Gold (each whole share, a “New Found Gold Share”) for each Maritime Share held (the “Exchange Ratio”). The Maritime Shares were delisted from the TSX Venture Exchange.
All outstanding Maritime stock options were canceled and exchanged for New Found Gold options exercisable for New Found Gold Shares and all outstanding Maritime warrants became exercisable for New Found Gold Shares, with the number of New Found Gold Shares issuable on exercise and the exercise price adjusted in accordance with the Exchange Ratio.
In connection with the completion of the Arrangement, Allen Palmiere joined the board of directors of New Found Gold (the “Board”) and Melissa Render, President of New Found Gold resigned from the Board. All the directors and officers of Maritime resigned from their positions.
5.2 Disclosure for Restructuring Transaction
Not applicable.
Item 6. Reliance on subsection 7.1(2) of National Instrument 51-102
Not applicable.
Item 7. Omitted Information
No information has been omitted on the basis that it is confidential information.
Item 8. Executive Officer
For further information, please contact Keith Boyle, Director of Maritime, at telephone number (416) 910 4653 or via email to [email protected].
Item 9. Date of Report
November 19, 2025