FLYHT Aerospace Solutions Ltd. Announces Closing of the Final Tranche of its Private Placement
November 25 2019 - 2:03PM
FLYHT Aerospace Solutions Ltd., (TSX-V: FLY) (the “Company” or
“FLYHT”) is pleased to announce that it has closed the final
tranche of its previously announced private placement of Units (the
“Offering”).
Pursuant to this final tranche, a total of
542,820 Units were issued pursuant to the non-brokered portion of
the Offering for gross proceeds of $678,525 (the “Non-Brokered
Offering”).
Each Unit consisted of one common share of the
Company (each, a “Common Share”) and one-half of one common share
purchase warrant (each full warrant, a “Warrant”). Each
Warrant entitles the holder to purchase one Common Share at an
exercise price of $1.75 for a period of 24 months from the closing
date of the Offering.
A total of 5,335,220 Units were issued pursuant
to the entire Offering (under two tranches) for gross proceeds of
$6,669,025 (see press release dated November 15, 2019).
The net proceeds from the Offering will be used
to assist in the funding of new development programs to diversify
the Company’s product offering, to expand the Company’s sales and
marketing efforts in order to accelerate sales, to augment the
working capital needs of the Company which have become greater due
to recent business expansion and for general working capital
purposes.
All of the securities issued pursuant to the
Offering will be subject to a hold period of 4 months plus a day
from the date of issuance under Canadian securities laws.
Completion of the Offering is subject to the final approval of the
TSX Venture Exchange.
About FLYHT Aerospace Solutions
Ltd.
FLYHT’s mission is to improve aviation safety,
efficiency and profitability. Globally, and for more than 20 years,
airlines, leasing companies, fractional owners and original
equipment manufacturers have installed FLYHT’s differentiated
aircraft and enterprise-based solutions to deliver real-time,
flight-deck, satellite connectivity for tracking, health
monitoring, and streaming of operational, maintenance and weather
data. FLYHT is publicly traded as FLY in Canada on the TSX.V; and
as FLYLF in the USA on the OTCQX. FLYHT is based in Calgary, Canada
with an office in Littleton, Colorado and is an AS9100 Quality
registered company. For more information visit www.flyht.com.
Contact
Information: |
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FLYHT Aerospace Solutions
Ltd. Alana ForbesChief Financial Officer
403-291-7437aforbes@flyht.com |
Canada
Investor Relations:Adelaide
Capital Markets Inc.Deborah
Honig647-203-8793deborah@adelaidecapital.ca |
U.S. Investor
Relations:Gateway Investor RelationsMatt
Glover or Charlie Schumacher949-574-3860 FLY@gatewayir.com |
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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 news release.
None of the securities described herein
have been or will be registered under the United States Securities
Act of 1933, as amended (the “U.S. Securities Act”), and may not be
offered or sold in the “United States” or to U.S. persons” (as such
terms are defined in Regulation S under the U.S. Securities Act)
absent registration under the U.S. Securities Act and all
applicable U.S. state securities laws or compliance with the
requirements of an exemption therefrom. This news release shall not
constitute an offer to sell or the solicitation of an offer to buy
any securities nor shall there be any sale of securities in the
Unites States, or any other jurisdiction, in which such offer,
solicitation or sale would be unlawful.
Cautionary Note Regarding
Forward-Looking Statements
This news release contains “forward-looking
information” and “forward-looking statements” (collectively,
“forward-looking statements”) within the meaning of applicable
Canadian securities legislation. All statements, other than
statements of historical fact, are forward-looking statements and
are based on expectations, estimates and projections as at the date
of this news release. Any statement that involves discussions with
respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions, future events or performance (often but
not always using phrases such as “expects”, or “does not expect”,
“is expected”, “anticipates” or “does not anticipate”,
“plans”, “budget”, “scheduled”, “forecasts”, “estimates”,
“believes”, an or “intends” or variations of such words and phrases
or stating that certain actions, events or results “may” or
“could”, “would”, “might” or “will” be taken to occur or be
achieved) are not statements of historical fact and may be
forward-looking statements. In this news release, forward-looking
statements relate, among other things, to: the terms and conditions
of the Offering, including the anticipated use of proceeds thereof
and receipt of required approvals. This forward-looking information
reflects the Company’s current beliefs and is based on information
currently available to the Company and on assumptions the Company
believes are reasonable. These assumptions include, but are not
limited to: the market acceptance of the Offering; and the receipt
of all required approvals for the Offering. Forward looking
information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking information. Such risks and other factors may
include, but are not limited to: general business, economic,
competitive, political and social uncertainties; general capital
market conditions and market price for securities; and the delay or
failure to receive board, shareholder, court or regulatory
approvals (as applicable). Although the Company has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. Readers are cautioned
that the foregoing list of factors is not exhaustive. There can be
no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on the forward-looking statements and
information contained in this news release. Except as required by
law neither the Company nor the Agents assume any obligation to
update the forward-looking statements of beliefs, opinions,
projections, or other factors, should they change. The
forward-looking statements contained in this news release are made
as of the date of this news release. Additionally, the Company
undertakes no obligation to comment on the expectations of, or
statements made, by third parties in respect of the matters
discussed above.
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