By Sheri Kasprzak
Atlanta, Dec. 23 - NordTech Aerospace said Thursday it closed an upsized private placement for C$7,952,000.
The company sold 23,388,234 subscription receipts at C$0.34 each.
The subscription receipts allow for one share and one half-share warrant upon the closing of the acquisition by NordTech of all shares of 3682986 Canada Inc., or ExelTech Aerospace.
The whole warrants allow for an additional share at C$0.45 each for 18 months.
The placement agents in the offering, National Bank Financial Inc., Canaccord Capital Corp. and Octagon Capital Corp., had an over-allotment option to sell up to 8,823,529 subscription receipts. The agents also have an over-allotment option before Jan. 31, 2005 for an additional 5,883,353 subscription receipts. If both options are exercised, the total proceeds raised in the deal will be more than C$10 million.
Quebec City-based NordTech manufactures commercial aircraft. The company plans to use the proceeds from the deal to finance the cash portion of its ExelTech Aerospace acquisition. The remainder of the funds will be used for working capital and for general corporate purposes.
| Issuer: | NordTech Aerospace Inc.
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| Issue: | Subscription receipts of one share and one half-share warrant
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| Amount: | C$7,952,000
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| Shares: | 23,388,234 subscription receipts
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| Price: | C$0.34
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| Warrants: | One half-share warrant per receipt
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| Warrant expiration: | 18 months
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| Warrant strike price: | C$0.45
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| Placement agent: | National Bank Financial Inc. (lead); Canaccord Capital Corp.; Octagon Capital Corp.
|
| Announcement date: | Dec. 17
|
| Settlement date: | Dec. 23
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| Stock price: | C$0.39 at close Dec. 23
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