- Maritime Launch (CBOE:MAXQ) has secured agreements and regulatory approval to complete its C$1.6 million financing at $0.05 a share
- This financing includes C$331,525 released to the company over the past five months from existing shareholders as short-term interest-free loans
- In total, approximately 38,730,000 shares (plus 2,560,000 warrants) will be issued in conjunction with the equity financing, including fees
- Maritime Launch Services (CBOE:MAXQ) last traded at $0.04 per share
Maritime Launch (CBOE:MAXQ) has secured agreements and regulatory approval to complete its C$1.6 million financing at $0.05 a share. This financing includes C$331,525 released to the company over the past five months from existing shareholders as short-term interest-free loans.
The company explained via a media statement that it had incurred finder’s fees associated with the financing, amounting to C$128,000, which will be settled in shares at $0.05 per share, totalling 2,560,000 shares, and 2,560,000 broker warrants at a strike price of $0.05 per warrant, expiring in two years.
The company also expects to issue 4,170,000 shares, valued at C$208,500 at $0.05 per share, to certain officers, directors, and employees as payment for previously unpaid fees and salaries owed from 2024. In total, approximately 38,730,000 shares (plus 2,560,000 warrants) will be issued in conjunction with the equity financing, including fees.
A portion of the proceeds will be used for the redemption of previously issued debentures, with the remaining funds allocated for vendor payments and ongoing operations.
Debenture extension
Maritime Launch received conditional regulatory approval to close a two-year extension agreement with the holders of its outstanding convertible debentures from 2021 and 2023. This agreement extends the maturity date of all outstanding convertible debentures to December 7th, 2026.
As part of the extension, the company will use C$500,000 of the financing proceeds to settle C$500,000 of the outstanding convertible debentures.
On February 18th, 2025, the company intends to issue 2,706,978 shares as payment for $324,837 of payment-in-kind interest owing as of December 7th, 2024, at a share price of $0.12 per share, in accordance with the pre-extension convertible debenture terms. The total shares issued in payment of outstanding payment interest and the extension fee will be a combined total of 7,537,083.
About Maritime Launch
Maritime Launch Services Inc. will provide satellite delivery services to clients in support of the growing commercial space transportation industry over a wide range of inclinations. The team is developing Spaceport Nova Scotia, Canada’s first commercial launch site, near Little Dover, Nova Scotia.
Spaceport Nova Scotia will allow small- and medium-sized launch vehicles to place their satellites into low-earth orbit. Spaceport Nova Scotia is Canada’s first commercial orbital launch complex.
Maritime Launch Services (CBOE:MAXQ) last traded at $0.04 per share.
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(Top photo: Maritime Launch Services Inc.)
