Limestone Boat Company Reports Additional Default and Provides Manufacturing Update

The Limestone Boat Company Limited announced a new default under its outstanding debentures due to missed payments. The default notice was served to the Indenture Trustee, corresponding with the company's inability to fulfill its financial obligations under the agreement dated May 14, 2021. This notification follows an initial default, with the company planning to convert the principal owing, plus accrued interest, into common shares at a previously set conversion price of $0.071.

In addition, Limestone’s New Brunswick-based team has successfully resumed manufacturing operations. The company anticipates the first MY2025 production boats will be completed and delivered to dealers this summer. Additionally, significant tooling upgrades for the L200CC, L200R, and the new L290DC and L200R EV models are reportedly on track with the company's production goals. The commitment continues with strong dealer support, showcasing a positive outlook for scaling Limestone's production capabilities in the upcoming months.