TORONTO, May 19, 2020 (GLOBE NEWSWIRE) -- In accordance with regulatory requirements, Dundee Corporation (DC-A.TO) (“Dundee”) announces that its wholly owned subsidiary, Dundee Resources Limited, has acquired 9,356,383 common shares (“Shares”) of Maritime Resources Corp. (the “Issuer”) at the price of $0.06 each for aggregate consideration of $561,382.98.

Immediately prior to the acquisition of securities described in this news release, Dundee and its affiliates owned or controlled 36,932,036 Shares and warrants exercisable for the issuance of 19,694,445 Shares representing an approximate 19.40% interest in the Issuer on an undiluted basis and 26.96% interest in the Issuer on a partially diluted basis. Immediately following the transaction that triggered the requirement to file this news release, Dundee and its affiliates own or control an aggregate of 46,288,419 Shares and warrants exercisable for the issuance of 19,694,445 Shares representing an approximate 18.83% interest on an undiluted basis and a 24.85% interest on a partially diluted basis.

Dundee acquired the securities of the Issuer for investment purposes only. Dundee intends to review, on a continuous basis, various factors related to its investment, including (but not limited to) the price and availability of the securities of the Issuer, subsequent developments affecting the Issuer or its business, and the general market and economic conditions. Based upon these and other factors, Dundee may decide to purchase additional securities of the Issuer or may decide in the future to sell all or part of its investment.

This news release is being issued in accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report. The early warning report respecting the acquisition will be filed on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com under the Issuer’s profile. To obtain a copy of the early warning report filed by Dundee, please contact:

Dundee Corporation
Legal Department
1 Adelaide Street East, Suite 2000
Toronto, Ontario M5C 2V9
Tel: (416) 350-3388

ABOUT DUNDEE CORPORATION

Dundee Corporation is a public Canadian independent holding company, listed on the Toronto Stock Exchange under the symbol “DC.A”. Through its operating subsidiaries, Dundee Corporation is engaged in diverse business activities in the areas of investment advisory, corporate finance, energy, resources, agriculture, real estate and infrastructure. Dundee Corporation also holds, directly and indirectly, a portfolio of investments mostly in these key areas, as well as other select investments in both publicly listed and private enterprises.