On November 13, 2025, New Found Gold Corp. completed its acquisition of all of the issued and outstanding common shares of Maritime Resources Corp. that it did not already own, by way of a statutory plan of arrangement under Division 5 of Part 9 of the Business Corporations Act (British Columbia). The all-share transaction, first announced on September 5, 2025, was valued at approximately $292 million.
Under the arrangement, Maritime shareholders received 0.75 of a New Found Gold common share for each Maritime share held, representing a 32 percent premium to Maritime's 20-day volume-weighted average price and a 56 percent premium to its July 30, 2025 closing price. Upon completion, former New Found Gold and Maritime shareholders held approximately 69 percent and 31 percent of the combined company, respectively. Each outstanding Maritime option and warrant was exchanged for replacement New Found Gold securities, and New Found Gold applied for Maritime to cease to be a reporting issuer, with the Maritime shares delisted from the TSX Venture Exchange.
The combination creates a multi-asset, near-term gold producer in central Newfoundland, bringing together New Found Gold's Queensway project and Maritime's Hammerdown project, located approximately 180 kilometres apart. The combined company benefits from shared regional infrastructure, including the Pine Cove Mill and the Nugget Pond Hydrometallurgical Gold Plant. Hammerdown is expected to reach full production in early 2026, with anticipated cash flow supporting the planned 2027 Phase 1 production start at Queensway.
Osler, Hoskin & Harcourt LLP acted as legal counsel to Maritime Resources Corp., with a team led by James Brown that included Minji Park, Vanessa Yee, Shae-Lynne Shaheen, Julie Park, Kim Maguire, Teresa Tomchak, Damian Rigolo, Jon Marin, and Aleksander Galiyash. Blake, Cassels & Graydon LLP acted as legal counsel to New Found Gold Corp.