The company said it will up its offer from 0.39 to 0.50 of a common share for each Maritime share, provided Maritime doesn't conclude its proposed dilutive private placement in June.
If accepted, the new offer would see Maritime Resources shareholders owning about 27% of Anaconda.
A "fair and full" offer
The company said it believed the offer was a "fair and full offer."
"The offer consideration represents 21 cents per Maritime share and a premium of approximately 108%, based on the 20-day volume-weighted average prices of the Maritime shares on the TSX Venture Exchange and the Anaconda shares on the Toronto Stock Exchange immediately preceding the date Anaconda announced its intention to make an offer to Maritime shareholders on March 19, 2018," the company said in a release.
The company also said the increased offer also represents a premium of approximately 82.5%, based on the closing price of the Maritime shares on the TSX Venture Exchange and the Anaconda shares on the Toronto Stock Exchange on July 3, 2018.
Company to bring offer to shareholders
Anaconda said it will bring the increased offer directly to Maritime shareholders because "Maritime management and board of directors continue to decline any opportunity to engage in constructive dialogue with Anaconda."
Anaconda said Maritime's proposed "below-market, highly dilutive" private placement proposed by Maritime is a "defensive tactic" to its takeover bid.
"Our improved offer allows Maritime shareholders to benefit from a compelling purchase premium while avoiding significant unwarranted dilution from the proposed private placement," said Anaconda Mining president and chief executive officer, Dustin Angelo.
"Maritime shareholders will also be able to participate in the building of an emerging Atlantic Canadian gold producer with a significant growth profile and a management team that is invested and has demonstrated the ability to execute on its business plans. The capital markets are rewarding strategic transactions and support for small, single asset gold companies is becoming challenging."
Offer to expire on July 27
The company said the offer of acceptance will expire on July 27, 2018.
"Maritime shareholders will benefit from the transactions for reasons beyond the significant premium, and the time to act is now," said Angelo.
"Anaconda will continue to grow organically and through other strategic initiatives with other counterparties who see the value of accretive combinations."
Shares of Anaconda Mining were down 4.11% at C$0.35 mid-day on Wednesday.