Maritime Launch Services Inc. announced it has closed its previously announced financing valued at $1,599,950 in cash proceeds at a price of $0.05 per share, of which $331,525 was previously released to the Company over the preceding five months from existing shareholders, as short-term interest free loans. The Company has incurred finder’s fees associated with the financing of $127,996 to be settled in shares ($0.05 per share totalling 2,559,920) and 2,559,920 broker warrants at a strike price of $0.05 per warrant, expiring in two years, as a further finder’s fee.

In addition, on February 27, 2025, as a further component of the financing, the Company issued 4,170,000 shares ($208,500 at $0.05 per share) to certain officers and directors as payment for previously unpaid fees and salaries owing from 2024.

Total shares issued per above in conjunction with the equity financing, including fees, are approximately 38,728,920 (plus 2,559,920 warrants).

A portion of proceeds were used for redemption of previously issued debentures (see below) and the remaining will be used for vendor payments and ongoing operations.

Debenture Extension

On March 5, 2025 the Company closed its extension agreement with the holders of its outstanding convertible debentures dated May 7, 2021 (as amended) and the holders of its outstanding convertible debentures dated December 7, 2023. The maturity date of all outstanding convertible debentures has been extended to December 7, 2026.

As a condition of the extension, on March 5, 2025, the Company used $500,000 of the proceeds from the financing to settle $500,000 of the outstanding convertible debentures in accordance with their terms. In addition, the Company issued 4,830,105 common shares, in aggregate, from Treasury to the debenture holders, as an extension fee.

On February 26, 2025, the Company issued 2,706,978 shares as payment for $324,837 of payment-in-kind (“PIK”) interest owing at December 7, 2024 (share price of $0.12 per share) in accordance with the pre-extension convertible debenture terms.

Total shares issued in payment of outstanding PIK interest and the extension fee are a combined total of 7,537,083.

Source: BUSINESS WIRE