The Limestone Boat Company Limited announced a non-brokered private placement of 200 secured debentures at a price of CAD 10,000 per debenture for gross proceeds of up to CAD 2,000,000 on October 21, 2022. Each debenture will mature on the date that is four months from the closing date of the transaction. The principal amount of the debenture will bear interest at a rate of 17.0% per annum, which shall be payable on the maturity date.

In connection with the transaction, the corporation has agreed to issue to each subscriber, for no additional consideration, such number of common shares in the capital of the corporation bonus shares, as is equal to 3.0% of the principal amount of debentures purchased by each such subscriber divided by CAD 0.05. The company will pay finders' fee a cash fee equal to 5.0% of the principal amount of debentures purchased by subscribers that were introduced to the corporation by each such finder and compensation warrants as is equal to 5.0% of the principal amount of debentures purchased by subscribers. The subject to the approval of the TSX Venture Exchange.

All the securities issued in the transaction will subject to a hold period expiring four months and one day following the date of issuance.