PHOTO COURTESY LIMESTONE BOATS The Limestone Boat Co., which manufactures boats in New Brunswick, Canada, has released financials for the three and nine months ending Dec. 31, 2023.
In a statement, the company said it incurred an operating loss of $1.2 million in the third fiscal quarter of 2024. Included in that loss were non-cash costs in the amount of approximately $737,000 related to amortization and depreciation, accrued interest and other expenses. As of Dec. 31, 2023, Limestone Boat Company had 119,665,940 common shares and 5,895,000 stock options outstanding.
The company says it is restructuring its balance sheet and relocating its manufacturing operations to Southwest New Brunswick. Management confirmed the previously announced execution of a non-binding term sheet, and initial advances with Pathfinder Investments, a privately owned New Brunswick firm. The agreement is expected to provide up to $3.7 million of financing in return for a gross revenue royalty right and certain common share purchase warrants to be determined. This is subject to the approval of the company’s board of directors and the TSX Venture Exchange.
Limestones’ 12-week employee training program is progressing and updates are being made to the new 33,000-square-foot manufacturing facility in St. Stephen, New Brunswick. Exterior work to the building was completed before winter and the installation of equipment is expected to continue through the spring and summer with production of 2025 models commencing in June 2024.
