The Limestone Boat Company Limited Provides Market Update with Respect to Restructuring Proposal, Proposed Private Placement, and Notice for NEX

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Apr 12, 2023

COLLINGWOOD, ON / ACCESSWIRE / April 12, 2023 / The Limestone Boat Company Limited ("Limestone" or the "Company") (TSXV:BOAT) - has entered into negotiations with its creditors to facilitate the restructuring of the Company's balance sheet (the "Proposed Restructuring"). In general, the Company has proposed to convert all of the outstanding interest and principle owing under the 10% debentures issued by the Company in May of 2021, May of 2022, and June of 2022 (collectively, the "Debentures") into common shares of the Company ("Common Shares") at a conversion price equal to approximately $0.071 per Common Share. At present, the Company has received indicative support for the Proposed Restructuring from a majority of Debenture holders.