PHOTO COURTESY LIMESTONE BOATS 

Ontario-based Limestone Boat Co. reported revenues of $75,247 (CAD$0.1 million) and $9.18 million (CAD$12.2 million) in the three and 15 months ended March 31, respectively. The company incurred operating expenses of $1.58 million (CAD$2.1 million) and $9.41 million (CAD$12.5 million) during the same time periods. That translated to an operating loss of $1.7 million (CAD$2.3 million) and $9.71 million (CAD$12.9 million), respectively.

In a statement, the company proposed issuing up to 120 million common stock shares at a price of $0.038 (CAD$0.05) per common share for aggregate gross proceeds of up to $4.5 million (CAD$6 million). It plans to use the net proceeds for general working capital, including repayment of existing debt.

In October 2022, Limestone suspended manufacturing operations, and in January subsidiary Ebbtide Boats filed for bankruptcy. After restructuring the balance sheet, the company evaluated opportunities to resume manufacturing of the Limestone brand in Canada.

After exploring options in Ontario and New Brunswick, management and the board of directors agreed to pursue opportunities in New Brunswick “due to the financial benefits associated with the relocation, the proximity to the company’s primary markets in the northeastern U.S., and the opportunity to construct a purpose-built 100,000-square-foot manufacturing facility in Bayside, New Brunswick.”

The company said it hopes to resume manufacturing in New Brunswick in 2024 and will focus on the L200 (center console and runabout models), as well as the new L290 dual console. Limestone said it also plans to make tooling modifications to the L200R to package it with Vision Marine Technologies’ E-Motion electric propulsion systems.

In the statement, Limestone said, “It is management’s opinion that the strategy is expected to position the company well to start satisfying the continued market demand for Limestone boats, while also leading to improved production efficiency, consistent product quality, throughput, revenue and profitability in the coming years.”