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The Limestone Boat Company Limited Announces Up To C$2.0 Million Private Placement of Debentures

COLLINGWOOD, Ontario, Oct. 21, 2022 (GLOBE NEWSWIRE) -- The Limestone Boat Company Limited (the "Corporation") (TSXV: BOAT |OTCQB: LMSBF) is pleased to announce the terms of a proposed non-brokered private placement of secured debentures ("Debentures") representing an aggregate principal amount of up to C$2.0 million of Debentures (the "Private Placement"). The Corporation expects to use the net proceeds of the Private Placement for working capital and general corporate purposes.

Up to 200 individual Debentures may be issued pursuant to the Private Placement, each consisting of C$10,000 in principal amount per Debenture. Each Debenture will mature on the date that is four months from the closing date of the Private Placement (the "Maturity Date"). The principal amount of the Debentures will bear interest at a rate of 17.0% per annum, which shall be payable on the Maturity Date. In connection with the Private Placement, the Corporation has agreed to issue to each subscriber, for no additional consideration, such number of common shares in the capital of the Corporation (each, a "Bonus Share") as is equal to 3.0% of the principal amount of Debentures purchased by each such subscriber divided by $0.05.

As consideration for certain services provided to the Corporation in connection with the Private Placement, the Corporation has agreed to pay a finder's fee to various finders, comprised of: (i) 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 (the "Cash Fee") (other than in respect of Debentures sold to persons included on the president's list of the Corporation (the "President's List"), for which no Cash Fee shall be payable), and (ii) such number of compensation warrants as is equal to 5.0% of the principal amount of Debentures purchased by subscribers that were introduced to the Corporation by each such finder divided by $0.05 ("Finder's Warrants") (other than in respect of Debentures sold to persons included on the President's List, for which no Finder's Warrants shall be issued). Each Finder's Warrant shall entitle the holder thereof to purchase one common share of the Corporation (each, a "Warrant Share") at an exercise price of $0.06 per Warrant Share for a period of one year following the closing date of the Private Placement.

The Private Placement, including the issuance of the Debentures, Bonus Shares and Finder's Warrants, remains subject to the approval of the TSX Venture Exchange (the "Exchange"). Further, the Debentures, Bonus Shares, Finder's Warrants and any Warrant Shares will be subject to a hold period expiring four months and one day following the date of issuance in accordance with applicable securities laws.

About Limestone Boat Company Limited:

The Limestone Boat Company - owner and builder of Aquasport Boats, Limestone® Boats and Boca Bay Boats - is publicly traded on the Toronto Venture Exchange under the ticker symbol BOAT. They are headquartered in Collingwood, Ontario with a 145,000 sq. ft. manufacturing facility in White Bluff, Tennessee. The company is backed by a large, skilled labor force and dealer partners throughout the United States and the Canadian Great Lakes Region.

For more information, contact:

Investor Relations:
Bill Mitoulas

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "anticipate", "believe", "could" "should", "would", "estimate", "expect", "forecast", "indicate", "intend", "likely", "may", "plan", "potential", "project", "outlook", "seek", "target", "trend" or "will" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the parties' current belief or assumptions as to the outcome and timing of such future events. Forward-looking statements in this press release include statements regarding the Corporation's objectives, goals or future expectations; the use of proceeds of the Private Placement; the ability of the Corporation to complete the Private Placement (if at all) on the terms announced herein; the approval by the Exchange of the issuance of the Private Placement and all matters related thereto; the ability of the Corporation to meet its obligations under the terms of the Debentures and all other obligations related thereto. The forward- looking information contained in this release is made as of the date hereof and the parties are not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward- looking information contained herein.

Many factors could cause actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward- looking statements. All the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors in this press release. There can be no assurance that the actual results or developments will be realized or, even if substantially realized, will have the expected consequences to, or effects on, the Corporation. Unless required by applicable securities law, the Corporation does not intend and does not assume any obligation to update these forward-looking statements.

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