TORONTO, ON / ACCESSWIRE / March 4, 2021 / The Limestone Boat Company Limited (TSXV:LLO) (formerly LL One Inc.) (the "Company") is pleased to announce that Mr. David Grandin has been appointed to the board of directors of the Company (the "Board").
Mr. Grandin has over 20 years of experience building teams and growing businesses. Mr. Grandin has founded four companies and combines a strong entrepreneurial skill set with an extensive background in software and integrated system development, digital media solutions and sports-related technology. Mr. Grandin has a Bachelor's of Science in Electrical Engineering and Computer Science from the University of Wisconsin and an MBA in High Technology from Northeastern University.
The Company is also pleased to announce that, subject to the approval of the TSX Venture Exchange (the "Exchange"), it has entered into a consulting agreement with Venture North Capital Inc. ("Venture North") to provide strategic marketing, investor relations and business consulting services. Venture North is a Toronto based capital markets consulting firm specializing in executing strategic investor outreach campaigns.
The agreement with Venture North has an initial term of 3-months and, if renewed, will be automatically renewed for 3-month terms until such time as it is terminated on 60 days' notice. Pursuant to the terms of the consulting agreement, the Company will pay a monthly cash fee and has agreed to issue 400,000 options to purchase common shares in the capital of the Company ("Common Shares"), with an exercise price at $0.30. Of the options issued to Venture North, 100,000 vest immediately and an additional 100,000 options will vest on each of September 1, 2021, March 1, 2022, and September 1, 2022.
Additionally, the Company announces the Board has approved the grant of 1,000,000 options to purchase Common Shares to certain directors. The options have an exercise price of $0.30 and expire in 5 years, with 25% vesting on issuance, and an additional 25% vesting on each of September 1, 2021, March 1, 2022 and September 1, 2022. The grant of options is subject to Exchange approval.
Early Warning Requirements - Taylor Hanson
Taylor Hanson announces his intention to file an early warning report in accordance with Multilateral Instrument 62-104 - Take-Over Bids and Issuer Bids and National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issuers for securities of the Company.
Mr. Hanson intends to file an early warning report in connection with the acquisition of 10,000,000 Common Shares in connection with the Qualifying Transaction. Mr. Hanson is the Chief Operating Officer of the Company.
Immediately prior to the closing of the Qualifying Transaction, Mr. Hanson did not, directly or indirectly, hold any shares of the Company. Immediately following the closing of the Qualifying Transaction, Mr. Hanson holds, directly or indirectly, an aggregate of 10,000,000 Common Shares (representing 10.21% of the issued and outstanding Common Shares).
The Common Shares held by Mr. Hanson, directly or indirectly, are subject to an applicable Exchange escrow time based release schedule, as more particularly described in the Filing Statement.
In accordance with applicable securities laws, Mr. Hanson may, from time to time and at any time, acquire additional Common Shares and/or other equity, debt or other securities or instruments (collectively, "Securities") of the Company in the open market or otherwise, and reserves the right to dispose of any or all of his Securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of the Company and other relevant factors, subject to applicable escrow restrictions. A copy of the early warning report will be filed by Mr. Hanson in connection with the Qualifying Transaction and will be available on SEDAR under the Company's profile.
About Limestone
The Limestone Boat Company Limited is a North American designer and manufacturer of recreational and commercial powerboats. Limestone is a heritage brand with a 35-year legacy, renowned for its timeless design, big water performance, quality manufacturing and durability. Crafted in a centrally-located manufacturing facility in Tennessee, Limestone features an evolved and expanded product line that will appeal to a growing number of boaters coast to coast. The Company's head office is located at 65 A Hurontario St., Collingwood, Ontario L9Y 2L7.
For more information, contact:
Investor Relations
Bill Mitoulas
800-720-2395
bill@limestoneboats.com
Website: limestoneboats.com
Cautionary Statements
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) has in any way passed upon the merits of the contents of this press release and neither of the foregoing entities accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.
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 "could", "intend", "expect", "believe", "will", "projected", "estimated" 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. Actual future results may differ materially. 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.
SOURCE: The Limestone Boat Company Limited
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