Offering pays off C$2.5 million debentures; funds product development
By Devika Patel
Knoxville, Tenn., April 25 – FLYHT Aerospace Solutions Ltd. said it negotiated a C$5 million private placement of units.
The company will sell 33,333,333 units of one common share and one half-share warrant at C$0.15 per unit.
Each whole two-year warrant will be exercisable at C$0.25, a 31.58% premium to the April 22 closing share price of C$0.19.
Proceeds will be used to repay the company’s C$2.5 million debentures that are due in June, for new product development and as 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$5 million
|
| Units: | 33,333,333
|
| Price: | C$0.15
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
| Pricing date: | April 25
|
| Stock symbol: | TSX Venture: FLY
|
| Stock price: | C$0.19 at close April 22
|
| Market capitalization: | C$30.36 million
|
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