Maritime Launch Services Inc. (Cboe CA: MAXQ, OTCQB: MAXQF) (the “Company” or “Maritime Launch”) has received a conditional term sheet for a $12.9 million contribution administered under the Strategic Innovation Fund (SIF). Funding would support Maritime Launch in the ongoing development of Spaceport Nova Scotia, as the company prepares for a first orbital launch from Nova Scotia, Canada, in 2025.
The term sheet provided by the Government of Canada is proposing $12.9 million in project cost reimbursements and would be conditionally repayable, to support Maritime Launch’s Spaceport Nova Scotia, which will develop and commercialize Canada’s first commercial orbital spaceport near Canso, Nova Scotia. The term sheet is non-binding, and the proposed contribution is subject to operational and financial conditions that have not yet been met, approvals, and execution of a Contribution Agreement.
Managed by Innovation, Science and Economic Development Canada (ISED), the SIF plays a key role in providing support for innovative projects in Canada. The funding program provides transformative investments in all sectors of the economy to help Canada prosper in a global, knowledge-based economy.
Last year, Maritime Launch announced an investment of $13.1M from the Province of Nova Scotia under the Capital Investment Tax Credit (CITC program). Pending approval of the conditional SIF term sheet, total federal and provincial reimbursement funding would total $26.0 million.
Funding from the SIF would position Maritime Launch to complete the spaceport with a launch control center, a satellite integration facility, and a launch pad. Spaceport Nova Scotia will focus on supporting small class launch vehicles with total payloads not exceeding 1,250 kilograms initially, while growing the site to support medium class launchers.
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. Spaceport Nova Scotia will allow launch vehicles to place their satellites into low-earth orbit. Spaceport Nova Scotia is Canada’s first commercial orbital launch complex.
For more information about Maritime Launch and Spaceport Nova Scotia, visit www.maritimelaunch.com
Forward Looking Statements
This news release contains “forward-looking statements” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements. The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding: entering into binding definitive Contribution Agreement, the amount and timing of the contribution under such agreement, the budget and timing for completion of Spaceport Nova Scotia, timing of first orbital launch and the subsequent growth to support medium class launchers, and regulatory approval of the extension by the Cboe Exchange.
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Forward-looking statements in this news release are based on certain assumptions and expected future events, and involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including: negotiation of binding agreements; ; continued approval of the Company’s activities by the relevant governmental and/or regulatory authorities; construction schedules; economic conditions; the Company’s ability to obtain the financing that is a condition of the Strategic Innovation Fund and otherwise finance its operations until profitability of the Company can be achieved and sustained; and ability to continue as a going concern. For additional risks see the risk factors discussed in the Company’s Annual Information Form and Annual Management’s Discussion and Analysis filed on SEDAR+.
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Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
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