Toll Cross helps fund business development objectives, working capital
By Devika Patel
Knoxville, Tenn., June 27 - FLYHT Aerospace Solutions Ltd. said it took in C$575,000 in the second tranche of a C$4 million private placement of units. The deal priced on May 25 and was revised on June 15, raising C$1.84 million on June 22. The company is raising C$1 million through agent Toll Cross Securities Inc. and C$3 million on a non-brokered basis.
The company is selling 20 million units of one common share and one half-share warrant at C$0.20 per unit on a commercially reasonable efforts basis. It sold 9,191,500 units in the first tranche and 2,875,000 units in the second tranche.
Each whole two-year warrant is exercisable at C$0.30. The strike price reflects a 36.36% premium to the May 24 closing share price of C$0.24.
BluMont Capital invested C$650,000 in the initial tranche and plans to buy an additional C$150,000 of units in future tranches.
Proceeds will be used for business development objectives and for working capital.
The Calgary, Alta., company provides proprietary technological products and services designed to reduce costs and improve efficiencies in the airline industry.
| Issuer: | FLYHT Aerospace Solutions Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$4 million
|
| Units: | 20 million
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.30
|
| Agent: | Toll Cross Securities Inc. (for C$1 million), non-brokered (for C$3 million)
|
| Investor: | BluMont Capital (for C$800,000)
|
| Pricing date: | May 25
|
| Revised: | June 14
|
| Settlement dates: | June 22 (for C$1,838,300), June 27 (for C$575,000)
|
| Stock symbol: | TSX Venture: FLY
|
| Stock price: | C$0.24 at close May 24
|
| Market capitalization: | C$26.1 million
|
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