Maritime Launch Announces Extension of Convertible Debentures and Related Terms

Halifax, Nova Scotia – Maritime Launch Services Inc. (NEO: MAXQ, OTCQB: MAXQF), developer of Canada’s first commercial spaceport, Spaceport Nova Scotia, is pleased to announce that the maturity date of its outstanding convertible debentures (the “Convertible Debentures”) has been extended (the “Extension”) by one year to May 7, 2024.

In connection with the Extension, accrued interest of $612,000, being all interest owing as of May 7, 2023, will be settled through the issuance of 4,149,151 common shares.  Additionally and effective May 8, 2023, the interest rate on the Convertible Debentures will increase from 4.00% to 9.00% and will now be payable in semi-annually cash payments, with the first payment due December 31, 2023.

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. The development of this facility will serve the constellation market clients delivering global broadband, near earth imaging and other science related activities. This will be the first commercial orbital launch complex in Canada.