Toll Cross helps fund business development objectives, working capital
By Devika Patel
Knoxville, Tenn., June 15 - FLYHT Aerospace Solutions Ltd. said on Thursday that it revised a C$4 million private placement of units to raise C$1 million, decreased from C$2 million, through agent Toll Cross Securities Inc. The company also plans to raise C$3 million on a non-brokered basis, increased from C$2 million. The deal priced on May 25.
The company will now sell 20 million units of one common share and one half-share warrant at C$0.20 per unit, amended from 18,181,818 units at C$0.22 per unit, on a commercially reasonable efforts basis.
Each whole two-year warrant will be exercisable at C$0.30. The strike price reflects a 25% premium to the May 24 closing share price of C$0.24.
BluMont Capital will invest C$800,000.
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$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
|
| Stock symbol: | TSX Venture: FLY
|
| Stock price: | C$0.24 at close May 24
|
| Market capitalization: | C$24.91 million
|
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