Maritime Launch Announces Issuance of Common Shares for Services

HALIFAX, Nova Scotia--(BUSINESS WIRE)--Today, Maritime Launch Services Inc. (“Maritime Launch” or the “Company”) (NEO: MAXQ, OTCQB: MAXQF) developer of Canada’s first commercial spaceport, Spaceport Nova Scotia, announces the issuance of an aggregate of 2,875,000 common shares on May 5, 2023 at an issue price of $0.16 per share to a number of its arm’s-length service providers in exchange for services previously rendered (the “Service Payment”).

The Service Payment included the issuance of 2,031,250 common shares issued to Lindsay Construction Limited (“Lindsay Construction”), the Company’s construction management contractor for Spaceport Nova Scotia. All common shares issued are subject to a 4-month plus 1-day hold period. The common shares issued pursuant to the Service Payment represented less than 1% of the common shares issued and outstanding on the date thereof.

Lindsay Construction’s President and CEO, Cory Bell said, "As construction manager, Lindsay Construction is proud to play a key role in supporting the advancement of Spaceport Nova Scotia, the first commercial orbital launch complex in Canada."

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.