Maritime Launch Announces Extension Of Convertible Debentures

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Credits: Markus Winkler/ Pexels
  • Maritime Launch is a Canadian-owned commercial space company based in Nova Scotia.
  • Additionally and effective May 8, 2023, the interest rate on the Convertible Debentures will increase from 4.00% to 9.00%.
  • Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company’s expectations.

Maritime Launch Services Inc. (NEO: MAXQ, OTCQB: MAXQF), developer of Canada’s first commercial spaceport, Spaceport Nova Scotia, is pleased to announce that the maturity date of its outstanding convertible debentures (the “Convertible Debentures”) has been extended (the “Extension”) by one year to May 7, 2024.

Extension of convertible debentures

In connection with the Extension, accrued interest of $612,000, being all interest owing as of May 7, 2023, will be settled through the issuance of 4,149,151 common shares. 

Additionally and effective May 8, 2023, the interest rate on the Convertible Debentures will increase from 4.00% to 9.00% and will now be payable in semi-annually cash payments, with the first payment due December 31, 2023.

About Maritime Launch Services

Maritime Launch is a Canadian-owned commercial space company based in Nova Scotia. Maritime Launch is developing Spaceport Nova Scotia, a launch site that will provide satellite delivery services to clients in support of the growing commercial space transportation industry over a wide range of inclinations. 

The development of this facility will serve the constellation market clients delivering global broadband, near earth imaging and other science related activities. This will be the first commercial orbital launch complex in Canada.

Forward Looking Statements

This news release contains “forward-looking statements” within the meaning of applicable securities laws. 

All statements contained herein that are not clearly historical in nature may constitute forward-looking statements.

Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”.

Forward-looking statements in this news release are based on certain assumptions and expected future events, namely: the Company’s ability to continue as a going concern; the Company’s ability to continue to develop revenue-generating applications; continued approval of the Company’s activities by the relevant governmental and/or regulatory authorities; the continued growth of the Company; the Company’s ability to finance its operations until profitability can be achieved and sustained.

Risks and uncertainties

These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the potential inability of the Company to continue as a going concern; risks associated with potential governmental and/or regulatory action with respect to the Company’s operations; the inability of the Company to provide the enumerated services; and availability of launch vehicles.

Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. 

Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

Cautionary statements

Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. 

The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

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Source: Business Wire