The Limestone Boat Company Limited announced that it has executed a term sheet with a strategic lender to provide for up to $6 million in secured credit financing . The Credit Financing is expected to be advanced to the Company in a series of tranches between August and October of 2022. The proceeds from the Credit Financing are expected to be used for: (i) improvements to the Company's manufacturing facility in White Bluff, Tennessee; (ii) the acquisition of additional manufacturing equipment; and (iii) for working capital and general corporate purposes.

Roar Capital Corporation acted as a strategic consultant to the Company in connection with the Credit Financing. The Credit Financing will allow the Company to bolster its inventory levels, reduce supply chain disruptions on manufacturing, and commence the phased transformation of its manufacturing capabilities through the expansion and reconfiguration of select production spaces, integration of additional technology, expansion of its large boat production capacity, and enhanced manufacturing process flow. The Term Sheet is non-binding and any formal transaction between the Limestone Boat Company and the Lender is subject to the parties executing a definitive loan agreement and other security documentation.

The transactions set out in the Term Sheet are subject to a number of terms and conditions including the completion of the necessary definitive documentation, due diligence, regulatory approvals as well as other requirements that are customary when entering into transactions of this nature.