Maritime Launch Services Announces Full Conversion of Convertible Debentures Following $10 Million Equity Financing

Executive Summary

• Maritime Launch Services converted all outstanding convertible debentures ($10.43 M principal plus accrued interest) into 208,844,288 common shares at $0.05 per share.
• The conversion was triggered by a $10 million equity investment priced at $0.223 per share.
• Post‑conversion, the company will have 749,955,801 common shares outstanding, with existing warrants and stock options remaining exercisable.

Key Details

• Conversion Amount: $10,427,287 principal + accrued interest on convertible debentures due Dec 7 2026.
• Shares Issued on Conversion: 208,844,288 common shares at a conversion price of $0.05 per share.
• Equity Financing Trigger: $10 million cash injection at $0.223 per share, which activated the automatic conversion provision.
• Resulting Share Count: Total issued and outstanding common shares will be 749,955,801 after conversion.
• Warrants Outstanding: 8,899,085 warrants with exercise prices ranging from $0.05 to $0.167 per share.
• Stock Options Outstanding: 35,391,655 options with exercise prices ranging from $0.05 to $0.167 per share; each warrant/option convertible into one common share.
• Debentures Status: All convertible debentures fully retired as of November 12 2025.

Notable Quotes

(No direct quotes were provided in the release.)