Maritime Launch Services Announces Raise of $2.2 Million

Concrete pouring for the first launch pad on March 20, 2023. Credit: MLSi.

Maritime Launch Services has closed its non-brokered private placement and raised gross proceeds of $2,282,000.

The private placement was announced on November 17th shortly after releasing its quarterly earnings where the company reported a net loss and comprehensive loss of $1,001,323 which was lower than the same period the previous year.

Stephen Matier, President and CEO said, “We’re pleased to close this financing and continue our work developing Canada’s first commercial spaceport. In 2024, our team plans to meet a number of critical milestones, including preparing for, and supporting, two launches of the suborbital program, DART, from Spaceport Nova Scotia”.

In announcing the closing of the non-brokered private placement Maritime Launch Services stated that a “related party of the Company subscribed for $140,000 of the gross proceeds. Related party participation did not materially affect control of the Company.”

The company also stated that PowerOne Capital Markets Limited “acted as a finder in connection with a portion of the Offering. In connection with the Offering, the Company paid aggregate cash finder’s fees of $142,650 and issued 1,585,000 finder’s warrants (each, a “Finder Warrant”), each Finder Warrant being exercisable into one Common Share at a price of $0.12 per Common Share for a period of 5 years from the date of Closing.”

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