The Limestone Boat Company Announces Financial Results and Provides Operational Update

The Limestone Boat Company Limited (TSXV: BOAT) has released its financial results for the three and nine months ending December 31, 2023, highlighting an ongoing process for various aspects of its development, including the restructuring of its balance sheet, financing by royalty and relocation of its manufacturing operations.

The company confirmed the advancement of the previously announced non-binding agreement in principle with Pathfinder Investments, NB Inc., which is expected to provide financing of up to $5 million in return for a royalty fee on the figure of gross business, subject to approval by the Board of Directors and appropriate regulatory authorities.

Start-up of operations in southwest New Brunswick is underway, with a 12-week employee training program and modernization of the manufacturing facility in St. Stephen, New Brunswick. These initiatives, planned for summer 2024, aim to resume mass production.

The company also reported on the progress of updates to its existing models and the creation of new models, in line with the planned resumption of production for the 2025 model year, beginning in June 2024.

Limestone recorded an operating loss of $1,616,653 in the three months ending December 31, 2023, including non-cash costs of $1,017,458. The conversion of the entire principal amount of the debentures into common shares at a conversion price of $0.071 was also announced.