Toll Cross helps fund business development objectives, working capital
By Devika Patel
Knoxville, Tenn., May 25 - FLYHT Aerospace Solutions Ltd. said it negotiated a C$4 million private placement of units. Toll Cross Securities Inc. is the agent for half of the offering, with the remainder conducted on a non-brokered basis. The deal has a C$300,000 greenshoe.
The company will sell 18,181,818 units of one common share and one half-share warrant at C$0.22 per unit.
Each whole two-year warrant will be exercisable at C$0.30. The strike price reflects a 36.36% premium to the May 24 closing share price of C$0.24.
Proceeds will be used for business development objectives and for working capital purposes.
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$2 million
|
| Greenshoe: | C$300,000
|
| Units: | 18,181,818
|
| Price: | C$0.22
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.30
|
| Agent: | Toll Cross Securities Inc. (for C$2 million), non-brokered (for C$2 million)
|
| Pricing date: | May 25
|
| Stock symbol: | TSX Venture: FLY
|
| Stock price: | C$0.24 at close May 24
|
| Market capitalization: | C$27.88 million
|
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