The Limestone Boat Company Completes First Tranche of Brokered Private Placement of Units

The Limestone Boat Company Completes First Tranche of Brokered Private Placement of Units

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COLLINGWOOD, Ontario, Nov. 25, 2021 (GLOBE NEWSWIRE) — The Limestone Boat Company Limited ("Limestone" or the "Company") (TSXV:BOAT) – owner and builder of Aquasport Boats, Limestone® Boats and Boca Bay Boats – announces that it has completed the first tranche of its previously announced brokered private placement (the "Placement") of 10,851,334 units (the "Units") of the Company at a price of $0.24 per Unit (the "Issue Price") for gross proceeds of approximately $2.6 million. The Placement was led by Beacon Securities Limited, acting as agent (the "Agent").

Each Unit consists of one common share of the Company (a "Common Share") and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a "Warrant"). Each Warrant entitles the holder to purchase one additional Common Share at a price of $0.32 per Common Share for a period of 24 months from the date of closing.

The net proceeds raised from the Placement are expected to be used for general working capital purposes. In connection with the Placement, the Company paid a cash commission to the Agent of $180,622 and issued 752,593 compensation options, each exercisable to acquire one Common Share at the Issue Price for a period of 24 months from the date of closing.

The Company may close one or more additional tranches of the Placement.

The securities issued in connection with the Placement are subject to a statutory hold period of four months from the date of issuance in accordance with applicable securities legislation. The Warrants will not be listed on any exchange.

In connection with the Placement, the Company issued an aggregate 104,000 Units to Charles Pennock. The issuance of such Units to Mr. Pennock, a director and insider …

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