By Sheri Kasprzak
New York, April 18 - Advent Air Ltd. has settled a £7 million private placement with institutional and other investors.
The investors bought a total of 84,848,484 shares at 8.25p each.
Also, the company issued 9,169,360 shares on behalf of existing shareholders but will not receive proceeds from that sale.
WH Ireland Ltd. was the placement agent.
Proceeds will be used to repay S$5 million in debt. The rest will be used to fund aircraft purchases and to develop new routes.
Based in Singapore, Advent Air operates an Australian airline through Perth, Western Australia-based subsidiary Skywest Airlines Pty. Ltd.
| Issuer: | Advent Air Ltd.
|
| Issue: | Stock
|
| Amount: | £7 million
|
| Shares: | 84,848,484
|
| Price: | 8.25p
|
| Warrants: | No
|
| Placement agent: | WH Ireland Ltd.
|
| Settlement date: | April 18
|
| Stock symbol: | London: AAIR
|
| Stock price: | 9.5p at close April 17
|
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