On June 3, 2022, The Limestone Boat Company Limited closed the transaction. The company issued 500 10% unsecured convertible debentures at a price of CAD 1,000 per debenture for gross proceeds of up to CAD 500,000. The company amended the terms of the transaction.

The transaction included participation from 6 placees. The transaction included participation from Chief Executive Officer of the company, Scott Emmerson Hanson for CAD 244,000. The company paid finder's fee to Richardson Wealth Ltd. for CAD 6,000 in cash and 6,000 warrants.

Each warrant entitles its holder thereof to acquire one common share of the company at an exercise price of CAD 0.19 per common share for an 18 month period following the date of issuance. The TSX Venture Exchange has accepted for filing documentation with respect to the transaction. All securities issued are subject to a four month hold period which will expire October 4, 2022.