FLYHT Announces Closing of Oversubscribed Private Placement to Fund Growth Initiatives
July 22 2021 - 7:04AM
FLYHT Aerospace Solutions Ltd. (TSX-V: FLY)
(OTCQX: FLYLF) (the “Company” or “FLYHT”) today reported that the
Company has closed its previously announced non-brokered private
placement (the "Offering"), issuing 8,828,818 common shares
("Common Shares") at an issue price of $0.75 per Common Share
resulting in proceeds to the Company of CAD$6,621,615. Directors,
officers and senior employees contributed 10% of the Offering
total.
“We are very pleased that several existing
shareholders, senior leadership and directors of FLYHT see that the
actions we have taken in the last year and the obvious imminent
recovery of the aviation industry make for a very solid platform
for future growth and value creation. This financing solidifies our
balance sheet, providing us with the capital to accelerate our
growth strategy, including both organic and inorganic initiatives,”
said Bill Tempany, Interim CEO of FLYHT. “This level of support
demonstrates investors’ confidence in our strategic direction and
our management team to execute on the vision presented over the
last year.”
The Company intends to use the proceeds from the
Offering to fund FLYHT’s growth initiatives including potential
strategic acquisitions, to repay in full the outstanding debentures
due on July 24, 2021 (CAD$1.8M), and general corporate
purposes.
With the closing of this Offering, a new insider
of the Company was created who now controls greater than 10% of the
Common Shares of FLYHT. All of the Common Shares issued pursuant to
the Offering are subject to a four month hold period. Completion of
the Offering is subject to the final approval of the TSX Venture
Exchange.
About FLYHT Aerospace Solutions Ltd.
FLYHT provides airlines with Actionable
Intelligence to transform operational insight into immediate,
quantifiable action, delivering industry leading solutions to
improve aviation safety, efficiency, and profitability. This unique
capability is driven by FLYHT’s patented aircraft certified
hardware products including AFIRS™, a satcom aircraft interface
device which enables real-time streaming of flight information,
cockpit voice and black box data streaming and TAMDAR™, which
aggregates and streams airborne weather data in real-time. FLYHT is
headquartered in Calgary, Canada with an office in Littleton,
Colorado, and is an AS9100 Quality registered company. For more
information, view our latest presentation here, or
visit www.flyht.com
Contact Information:
FLYHT
Aerospace Solutions Ltd.Alana ForbesChief Financial
Officer403.291.7437aforbes@flyht.cominvestors@flyht.com |
FNK IR LLCMatt Chesler, CFAInvestor
Relations646.809.2183flyht@fnkir.com |
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www.twitter.com/flyhtcorphttps://www.linkedin.com/company/flyht/
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
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