MDA Space Ltd. (MDA.TO), a Canadian space technology provider, Monday announced that it is investing $10 million in Maritime Launch Services Inc. (MAXQ.NE), a Canadian-owned commercial space company, for a price of $0.223 per share.
The investment will be used for applicable research and development initiatives relating to the ongoing development of the Spaceport in Nova Scotia by Maritime Launch and will also trigger the retirement of convertible debt.
Further, this transaction gives the company certain rights, including the right to nominate one individual to sit on the board of Maritime Launch and pro-rata participatory rights in future financings of the Spaceport.
Spaceport Nova Scotia is expected to create significant economic benefits in the Atlantic and across Canada, through high-quality jobs, local supply-chain development, and global investment attraction, the company said in a statement.
On Friday, MDA shares closed at $27.38, down 5.39% on the Toronto Stock Exchange.
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