Annuncio • Feb 05
Listing of the Limestone Boat Company Limited to Transfer to NEX from Tier 2 In accordance with TSX Venture Policy 2.5, The Limestone Boat Company Limited has not maintained the requirements for a TSX Venture Tier 2 company. Therefore, effective at the opening on February 6, 2025, the Company's listing will transfer to NEX, the Company's Tier classification will change from Tier 2 to NEX, and the Filing and Service Office will change from Toronto to NEX. As of February 6, 2025 the Company is subject to restrictions on share issuance and certain types of payments as set out in NEX policies. The trading symbol for the Company will change from BOAT to BOAT.H. There is no change in the Company name, no change in its CUSIP number and no consolidation of capital. The symbol extension differentiates NEX symbols from Tier 1 or Tier 2 symbols within the TSX Venture market. Board Change • Jun 25
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Independent Director Charlie Pennock was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 01
Third quarter 2024 earnings released: CA$0.016 loss per share (vs CA$0.025 loss in 3Q 2023) Third quarter 2024 results: CA$0.016 loss per share (improved from CA$0.025 loss in 3Q 2023). Net loss: CA$1.97m (loss narrowed 33% from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 59% per year, which means it is performing significantly worse than earnings. Reported Earnings • Dec 02
First half 2024 earnings released: CA$0.02 loss per share (vs CA$0.028 loss in 1H 2023) First half 2024 results: CA$0.02 loss per share (improved from CA$0.028 loss in 1H 2023). Net loss: CA$2.45m (loss narrowed 27% from 1H 2023). Board Change • Dec 02
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. CEO & Director Scott Hanson is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. New Risk • Aug 02
New major risk - Revenue and earnings growth Revenue has declined by 5.2% over the past year. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$5.7m free cash flow). Shares are highly illiquid. Negative equity (-CA$17m). Revenue has declined by 5.2% over the past year. Market cap is less than US$10m (CA$1.20m market cap, or US$900.3k). Reported Earnings • Aug 01
Full year 2023 earnings released: CA$0.12 loss per share (vs CA$0.12 loss in FY 2022) Full year 2023 results: CA$0.12 loss per share (further deteriorated from CA$0.12 loss in FY 2022). Revenue: CA$9.78m (down 5.2% from FY 2022). Net loss: CA$14.0m (loss widened 9.4% from FY 2022). Board Change • Jul 24
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. CEO & Director Scott Hanson is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • May 26
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. CEO & Director Scott Hanson is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Feb 02
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. CEO & Director Scott Hanson is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Annuncio • Oct 27
The Limestone Boat Company Limited to Debut Its New Line of Electric Boats at the Fort Lauderdale International Boat Show, October 26th - 30th The Limestone Boat Company announced the debut of Seventeen Fifty-Two, the Company's new line of electric boats, at the upcoming Fort Lauderdale International Boat Show, October 26th - 30th. In partnership with Vision Marine Technologies Inc., the Company will display its first prototype electric boat, the Seventeen Fifty-Two 2.1 Center Console EV. It is anticipated that the serial production model 2.1 Center Console EV, powered by the powerful E-Motion 180E fully electric outboard, will provide the same or better performance than that of the test boat with the same propulsion system: Top Speed of 38 MPH. Planes at 18 22 MPH. Operating Time estimated in excess of 2 Hours at an Average Speed of 22 MPH. Full Recharge Dockside in 4 8 Hours (time dependent on use of 1 or 2 chargers). The 2.1 Center Console EV will be on display in the Vision Marine booth, #2017A, in the Broward Convention Center at the Fort Lauderdale International Boat Show October 26 30th and will also be available for test drives on a select basis during the show. The MSRP of the 2.1 Center Console EV is anticipated to start at approximately USD 179,000 at time of delivery in Fourth Quarter 2023. Annuncio • Oct 23
The Limestone Boat Company Limited announced that it expects to receive CAD 2 million in funding The Limestone Boat Company Limited announced a non-brokered private placement of 200 secured debentures at a price of CAD 10,000 per debenture for gross proceeds of up to CAD 2,000,000 on October 21, 2022. Each debenture will mature on the date that is four months from the closing date of the transaction. The principal amount of the debenture will bear interest at a rate of 17.0% per annum, which shall be payable on the maturity date. In connection with the transaction, the corporation has agreed to issue to each subscriber, for no additional consideration, such number of common shares in the capital of the corporation bonus shares, as is equal to 3.0% of the principal amount of debentures purchased by each such subscriber divided by CAD 0.05. The company will pay finders' fee a cash fee equal to 5.0% of the principal amount of debentures purchased by subscribers that were introduced to the corporation by each such finder and compensation warrants as is equal to 5.0% of the principal amount of debentures purchased by subscribers. The subject to the approval of the TSX Venture Exchange. All the securities issued in the transaction will subject to a hold period expiring four months and one day following the date of issuance. Annuncio • Jun 09
The Limestone Boat Company Limited Completes Sea Trials for the First Fully Electric Production Center Console Boat in US The Limestone Boat Company Limited announced the successful completion of sea trials for its Vision Marine electric outboard-powered Aquasport 2100CC. Rigorous real-world, open water testing has validated the Company’s belief in its EV engine partner as the preeminent provider of high-performance electric power in the recreational boating market. The Limestone Boat Company will now shift their EV model development efforts into scheduled production with a delivery target of early in the second quarter of the 2023 calendar year for initial shipments to Dealers. The Limestone Boat Company announced their EV partnership in May 2021 with the stated intent of using its partner’s disruptive E-Motion™ outboard powertrain system to offer an EV option for big water performance boats that would deliver, without compromise, the operating times, cruising speeds, and cycle times that coastal and inland boaters seek. The Company shipped its first two test models for EV-integration in September 2021 and once completed, put the fully electric Aquasport 2100CC on the water for sea trials in May 2022. Results from last week’s sea trials delivered on their promise of providing all of the benefits of an EV boating experience without compromising the performance expectations of an internal combustion engine and maintaining the ride characteristics for which Limestone’s Aquasport Brand is renowned. Equipped with the 180 horsepower E-Motion™ electric outboard powertrain system coupled with two high-voltage 35kWh battery packs, onboard charging system and digital screens, the Aquasport 2100CC EV Model Prototype met the Company’s demands and then some, yielding impressive fresh water test results while keeping intact Aquasport’s superior handling features: Top Speed of 38 MPH; Planes at 18 – 22 MPH; Operating Time estimated in excess of 2 Hours at an Average Speed of 22 MPH; Full Recharge Dockside in 4 – 8 Hours (time dependent on use of 1 or 2 chargers). The Limestone Boat Company will now move forward with plans for serial production and an intended target date for deliveries commencing early in the second quarter of calendar 2023. The Company anticipates taking orders on the EV boats in Third Quarter of 2022. Rather than simply retrofitting the existing Aquasport 2100CC model, the Company will review the trial data to further optimize performance capabilities, through battery placement refinements, variable engine placement, and lighter, stronger laminate schedules for an all-new EV-specific version of the model. This is a further testament to the Company’s long-standing commitment to quality manufacturing and durability, as well as its ability to control its manufacturing process through ownership of its Tennessee boat production facility. In addition to the production preparations for the electric Aquasport 2100CC, the Company and Vision Marine will begin mapping out a timeline to test out the EV potential for additional models, such as the Aquasport 2100 Deck Boat, as it looks forward to bolstering its presence in the 19- to 25-foot deck boat segment, which has been growing in appeal nationwide in both the recreational ownership and commercial boat rental markets. The Company’s choice of partnering with Vision Marine to deliver a state-of-the-art EV boating experience has proven to be the right one. Showcasing the E-Motion™ powertrain capabilities, the sea trials also demonstrated the partnership’s shared commitment to safety, quality, and reliability; the performance and stability of the Aquasport Prototype was not compromised in any way, and yet was still compliant with the safety standards that the Limestone Boat Company demands, which are above and beyond industry compliance standards. The success of the trials moves the partnership closer to its shared aspiration of establishing the Limestone Boat Company as a leader in the electric boating industry. Annuncio • May 19
The Limestone Boat Company Limited, Annual General Meeting, Jun 28, 2022 The Limestone Boat Company Limited, Annual General Meeting, Jun 28, 2022. Agenda: Annual and Special Meeting. Annuncio • May 13
The Limestone Boat Company Limited announced that it has received CAD 5 million in funding On May 12, 2022, The Limestone Boat Company Limited closed the transaction. The debentures will mature on 3 years from their date of issuance. All securities issued are subject to a four month hold period which will expire on September 12, 2022. The transaction is subject to certain conditions including, but not limited to, final approval of the TSX Venture Exchange. Board Change • Apr 28
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. Director Alan Gaines was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Apr 02
Chairman recently sold CA$425k worth of stock On the 29th of March, Telfer Hanson sold around 3m shares on-market at roughly CA$0.16 per share. This was the largest sale by an insider in the last 3 months. Telfer has been a seller over the last 12 months, reducing personal holdings by CA$421k. Annuncio • Mar 29
The Limestone Boat Company Limited announced that it expects to receive CAD 5 million in funding The Limestone Boat Company Limited announced a non-brokered private placement for 5,000 unsecured, convertible debentures at a price of CAD 1,000 per debenture for gross proceeds of up to CAD 5,000,000 on March 28, 2022. The Debentures will bear interest at a rate of 10% per annum, payable annually in arrears. The Debentures will be convertible at any time at the option of the holder into common shares of the Company at a conversion price of CAD 0.24 per Common Share. If at any time following 120 days from the date of issuance of the Debentures and prior to the date that is 30 days prior to the end of the Term, the volume weighted average closing price of the Common Shares on the TSX Venture Exchange, or such other exchange on which the Common may be listed, is equal to or higher than CAD 0.50 per Common Share for 20 consecutive trading days, the Company may notify the holders of the Debentures that the Debentures will be automatically converted into Common Shares at the Conversion Price 30 days following the date of such notice. The Company will pay qualified brokers a cash commission of 8% of the gross proceeds from
each Debenture subscription and compensation options equal to 8% of the Common Shares underlying the Debentures. Each Compensation Option will be exercisable into one Common Share at an exercise price of CAD 0.24 for a period of 18 months from the Closing Date. The Offering is subject to a number of applicable regulatory approvals, including the approval of the Exchange. The Offering is expected to close by April 20, 2022. Annuncio • Jan 22
The Limestone Boat Company Debuts the All-New Limestone L-200R and Launches Its Aquasport Brand in the Canadian Market The Limestone Boat Company Limited has announced the debut of the all-new Limestone® Boats L-200R Runabout and the launch of its Aquasport Brand in the Canadian Market. The new model will be unveiled at the Chesapeake Bay Boat Show taking place January 21st- 23rd, 2022. The L-200R is the second 20-foot model to debut in the Limestone® lineup, following the L-200CC Center Console. The L-200R is a 20-foot runabout that features two generous back-to-back seats, a full bench with ample storage underneath and a portside synthetic teak swim platform with a telescoping boarding ladder. Additional standard features include a foredeck anchor locker, USB outlets, hydraulic tilt steering, under gunwale storage, an automatic electric bilge pump and a glass windshield with a painted frame and two opening side vents.. to name just a few. The L-200R also offers additional options such as synthetic teak decking, a removable synthetic teak cockpit table, raw water washdown, fresh water shower, electric trim tabs with an indicator, docking lights and much more. The Limestone Boat Company will also be celebrating their EV partnership with Vision Marine Technologies at The Toronto International Virtual Boat Show. The company goal through this partnership is to provide customers with reliable and dependable, yet disruptive, EV marine product offerings. The initial plan is to offer the Aquasport 21-foot Center Console followed by the Limestone® 25-foot models with Vision's 180 HP electric outboard as an additional engine option offering. During the show customers can obtain further information about electric outboards, Vision Marine Technologies, and The Limestone Boat Company's plans for EV technology integration. The Toronto International Boat Show recently announced that their show would be moving to a virtual format, taking place January 26th- 30th, 2022. A virtual show setting allows for The Limestone Boat Company to showcase the full model offerings for both Limestone® Boats and Aquasport Boats, as well as provide updates regarding their EV partnership with Vision Marine Technologies and imminent product testing. Additionally, customers visiting either the Limestone Boats or Aquasport Boats virtual booths can connect to discuss further interest via email and phone. Annuncio • Sep 21
The Limestone Boat Company Unveils New Model for Its Brand Limestone® Boats; the All-New L-290Dc Model The Limestone Boat Company Limited has unveiled an all-new dual console model, the Limestone Boats L-290DC. Limestone Boats is a heritage brand recently re-launched with new ownership, ideals and a revamped model lineup. This addition of the 29-foot dual console adds another flagship model to the lineup and complements the current L-290CD Cuddy Cabin Day Boat & Fish Boat Arrangements. The L-290DC has a length of 29’ 3” and a beam of 11’ 10.8”. Its base power is twin 250 HP engines, with Maximum HP being twin 300’s. The model has a powder coated fiberglass hardtop frame with dual opening vents, recessed speakers, LED spreader lights and courtesy lights; a fiberglass windshield frame with tempered glass; a wet bar with Corian countertop, sink and removable 65-qt cooler; a spacious head with quarter berth; and luxurious upholstery throughout with flexible seating options to maximize sociability, use of space and comfort. Other notable standard features onboard include a portside dive door with removable telescoping ladder; integrated swim platform with telescoping ladder; anchor locker with stem-mounted anchor windlass with remote helm switch; 12V and USB outlets; power assisted steering; mahogany steering wheel; starboard windshield wiper with fresh water reservoir; cockpit coaming bolsters; raw water washdown and a freshwater shower; two large fish boxes totaling a combined 74 gallons; and stereo with Bluetooth and speakers to name a few.Notable options on the L-290DC include air conditioning at the helm and in the head area; hot water heater, underwater lights, ski pylon; removable cockpit table with synthetic teak; summer kitchen with sink, refrigerator, and grill; stand-alone butane canister grill; SureShade system for aft/cockpit shading/protection; synthetic teak decking; and electronics. Annuncio • Aug 06
The Limestone Boat Company Ltd Announces Multiple Brand Achievements The Limestone Boat Company Limited announced a new model for Aquasport. The Aquasport 3000CC center console is their largest model to date, becoming the latest flagship. It will make its official debut this summer and be available for order with shipments commencing this fall. In additional news announced from the company, Limestone® Boats has delivered its first production model, the L-200CC center console late last month with weekly shipments going forward. Shipments of the revitalized L-290CD, L-250R and L-200R are also scheduled to commence through the fourth Quarter, with the L-270CD following in late first quarter of 2022. Limestone is also currently working on, and engineering the integration of, EV outboard power options for initial debut on the Aquasport 2100CC center console and 2100 Deck Boat for testing late summer, and the Limestone® L-250R runabout in first quarter through their partnership with Vision Marine Technologies. Annuncio • Mar 31
The Limestone Boat Company Limited announced that it expects to receive CAD 17 million in funding The Limestone Boat Company Limited (TSXV:BOAT) announced a private placement of unsecured, convertible debentures for the gross proceeds of CAD 17 million on March 29, 2021. The debentures will mature after 3 year from the date of issuance and will bear interest at a rate of 10% per annum, payable annually in arrears. The Debentures will be convertible at any time at the option of the holder into common shares of the Company at a conversion price of CAD 0.36 per common share. The Company will pay qualified brokers a cash commission of 8% of the gross proceeds from each Debenture subscription and compensation options equal to 8% of the common shares underlying debenture. Each Compensation Option will be exercisable into one Common Share at an exercise price of CAD 0.36 for a period of 18 months from the Closing Date. The transaction is subject to a number of customary conditions, including satisfactory due diligence, receipt of applicable regulatory and third-party approvals, including the approval of the Exchange and completion of definitive documentation in respect of the Acquisition and the Offering. The transaction is expected to close by April 30, 2021. The debenture issued at par. 
