The Limestone Boat Company Announces Financial Results for Q3 2024 and Operations Update

COLLINGWOOD, ON / ACCESSWIRE / February 29, 2024 / The Limestone Boat Company Limited ("Limestone" or the "Company") (TSXV:BOAT) - owner and builder of Limestone Boats - today reports its financial results for the three and nine months ended December 31, 2023. All dollar amounts are in Canadian dollars unless otherwise noted.

Foto: Accesswire

Copies of the Company's interim financial statements and management discussion and analysis for the three and nine months ended December 31, 2023 are available on SEDAR+ (www.sedarplus.ca) under the Company's profile.

Business Update

The Company continues to advance its various work streams, including the restructuring of its balance sheet, the previously announced Royalty financing and the relocation of its manufacturing operations to Southwest New Brunswick.

Specifically, further to the press release dated January 15, 2023, the Company is pleased to confirm that the previously announced execution of a non-binding term sheet, and initial advances with Pathfinder Investments, NB Inc. ("Pathfinder"), a privately owned New Brunswick investment Company, expected to provide up to $5 million of financing in return for a gross revenue royalty right and certain common share purchase warrants to be determined upon negotiation of a definitive agreement (the "Royalty Agreement"), is proceeding as expected, subject to execution of the definitive agreement, the approval of the Board of Directors of the Company, and any applicable regulatory approvals including that of the TSX Venture Exchange.

The Company continues to advance the restart of operations in Southwest New Brunswick under the leadership of its resident CEO, an enhanced plant management team, including but not limited to its manager of engineering from a leading U.S. yacht builder, experienced serial production managers/boatbuilders, and a quality assurance manager from one of the worlds leading automotive manufacturers. The Company's 12-week employee training program is also progressing as expected, and the retrofitting of its new manufacturing facility in St. Stephen, New Brunswick is underway, putting the Company on course to see the resumption of serial production in summer 2024.