Maritime Launch Services Announces Closing of Financing and Two-Year Debenture Extension

Maritime Launch Services
Sarah McLean
Vice President of Communications and Corporate Affairs
sarah.mclean@maritimelaunch.com
www.maritimelaunch.com

Maritime Launch Services Inc. (Cboe CA: MAXQ, OTCQB: MAXQF) (the “Company”) is pleased to announce it has closed its previously announced financing valued at $1,599,950 in cash proceeds at a price of $0.05 per share, of which $331,525 was previously released to the Company over the preceding five months from existing shareholders, as short-term interest free loans. The Company has incurred finder’s fees associated with the financing of $127,996 to be settled in shares ($0.05 per share totalling 2,559,920) and 2,559,920 broker warrants at a strike price of $0.05 per warrant, expiring in two years, as a further finder’s fee.

In addition, on February 27, 2025, as a further component of the financing, the Company issued 4,170,000 shares ($208,500 at $0.05 per share) to certain officers and directors as payment for previously unpaid fees and salaries owing from 2024.

Total shares issued per above in conjunction with the equity financing, including fees, are approximately 38,728,920 (plus 2,559,920 warrants).

A portion of proceeds were used for redemption of previously issued debentures (see below) and the remaining will be used for vendor payments and ongoing operations.

Debenture Extension

On March 5, 2025 the Company closed its extension agreement with the holders of its outstanding convertible debentures dated May 7, 2021 (as amended) and the holders of its outstanding convertible debentures dated December 7, 2023. The maturity date of all outstanding convertible debentures has been extended to December 7, 2026.

As a condition of the extension, on March 5, 2025, the Company used $500,000 of the proceeds from the financing to settle $500,000 of the outstanding convertible debentures in accordance with their terms. In addition, the Company issued 4,830,105 common shares, in aggregate, from Treasury to the debenture holders, as an extension fee.

On February 26, 2025, the Company issued 2,706,978 shares as payment for $324,837 of payment-in-kind (“PIK”) interest owing at December 7, 2024 (share price of $0.12 per share) in accordance with the pre-extension convertible debenture terms.

Total shares issued in payment of outstanding PIK interest and the extension fee are a combined total of 7,537,083.

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. Spaceport Nova Scotia will allow launch vehicles to place their satellites into low-earth orbit. Spaceport Nova Scotia is Canada’s first commercial orbital launch complex.

For more information about Maritime Launch and Spaceport Nova Scotia, visit www.maritimelaunch.com

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. The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding the extended maturity of the Company’s convertible debentures.

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; continued approval of the Company’s activities by the relevant governmental and/or regulatory authorities; the Company’s ability to finance its operations until profitability of the Company can be achieved and sustained.

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.

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.

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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