Mr. Keith Abriel reports

MARITIME LAUNCH ANNOUNCES NON-BROKERED PRIVATE PLACEMENT OF CONVERTIBLE DEBENTURES

Maritime Launch Services Inc. has arranged a non-brokered private placement of unsecured convertible debentures for minimum gross proceeds of $2-million. The debentures will bear cash interest at a rate of 10 per cent per annum, payable quarterly, as well as paid-in-kind interest (PIK interest) consisting of 5 per cent of the outstanding debentures in common shares of the company at a price of 12 cents per common share and, unless repaid or converted, will mature 12 months from the date of issuance.

The outstanding principal amount and any accrued unpaid interest thereon is convertible any time up until the maturity date at the election of the holder into units of the company at a price per unit of 12 cents, subject to anti-dilution provisions. Each unit will comprise one common share and one-quarter of one share purchase warrant, with each warrant exercisable to acquire one common share at a price per common share of 15 cents for a period of five years from the date of closing. The Company may choose to prepay the debentures prior to the maturity date, at which point the holders may each elect, solely at the option of each holder, to be repaid in cash with an early repayment payment of 10 per cent of the principal amount outstanding, or to convert the principal and any accrued, unpaid interest into units at the conversion price.

The company may elect to prepay the debentures and unpaid cash interest and PIK interest at any time. The debentures will rank equally with other unsecured debt of the company.

In connection with the offering, the company may pay a cash finder's fees of up to 7.5 per cent of the gross proceeds of the offering and issue up to such number of finder's warrants equal to 10 per cent of the gross proceeds of the offering divided by the conversion price, with each finder warrant being exercisable to acquire one common share at a price of 12 cents per common share for a period of five years from the date of closing.

The offering is anticipated to close on or about Dec. 8, 2023, or before, and is subject to customary closing conditions, consent of certain existing lenders and approvals of applicable securities regulatory authorities, including the Neo Exchange.

About Maritime Launch Services Inc.

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.

We seek Safe Harbor.