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

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

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 of the Company (as defined under applicable securities laws), constitutes a "related party transaction" within the meaning of Policy 5.9 – Protection of Minority Security Holders in Special Transactions of the TSX Venture Exchange ("TSXV") and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on the exemption from the formal valuation requirement in section 5.5(b) of MI 61-101 (as a result of its Common Shares being listed on the TSXV) and the exemption from the minority approval requirement in section 5.7(1)(b) of MI 61-101 (as neither the fair market value of the Units distributed to Mr. Pennock pursuant to the Placement, nor the consideration paid by Mr. Pennock, exceeded $2,500,000).

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26.11.2021, 00:12  |  101   |   |   

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The Limestone Boat Company Completes First Tranche of Brokered Private Placement of Units NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES COLLINGWOOD, Ontario, Nov. 25, 2021 (GLOBE NEWSWIRE) - The Limestone Boat Company Limited ("Limestone" or the "Company") (TSXV: BOAT) – owner and builder …

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