By Laura Lutz
Des Moines, May 15 - ExelTech Aerospace Inc. closed its previously announced private placement of units for up to C$14.4 million including a fully exercised greenshoe for C$2.4 million.
The company sold 48 million units of one share and one half-share warrant at C$0.30 per unit. Each whole warrant will be exercisable at C$0.45 for two years.
The placement was underwritten by a syndicate led by GMP Securities LP and including Dundee Securities Corp. and Versant Partners Inc.
Proceeds will be used for facilities expansion, acquisitions, working capital and general corporate purposes.
The deal priced on April 24.
ExelTech is a Montreal-based commercial airframe maintenance, repair and overhaul vendor.
| Issuer: | ExelTech Aerospace Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$14.4 million
|
| Units: | 48 million
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.45
|
| Underwriters: | GMP Securities LP (lead), Dundee Securities Corp., Versant Partners Inc.
|
| Pricing date: | April 24
|
| Settlement date: | May 15
|
| Stock symbol: | TSX Venture: XLT
|
| Stock price: | C$0.345 at close April 23
|
| Stock price: | C$0.33 at close May 15
|
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