FLYHT Announces $6.6 Million Non-Brokered Private Placement
July 07 2021 - 6:04AM
FLYHT Aerospace Solutions Ltd. (TSX-V: FLY)
(OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced that the
Company intends to complete a non-brokered private placement for
gross proceeds of up to CAD$6,600,000 (the “Offering”). The
Offering consists of a maximum of 8,800,000 common shares in the
capital of the Company (the "Common Shares") issued at a
subscription price of CAD$0.75 per Common Share.
“FLYHT is strategically rolling out an expanded
solution set that leverages our historical core strength in
real-time aircraft data with additional insights and actions from
our Actionable Intelligence suite of SaaS applications,” said Bill
Tempany, Interim CEO of FLYHT. “This proposed financing will
solidify our balance sheet, providing us with capital to accelerate
our growth strategy as the commercial aviation industry
recovers.”
The Company intends to use the proceeds from the
Offering to fund FLYHT’s growth initiatives including potential
strategic acquisitions, to repay the Company’s outstanding
debentures due on July 24, 2021 (CAD$1.8M) and for general
corporate purposes.
All of the Common Shares issued pursuant to the
private placement 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: |
|
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FLYHT Aerospace Solutions Ltd. |
FNK IR LLC |
Alana Forbes |
Matt Chesler, CFA |
Chief Financial Officer |
Investor Relations |
403.291.7437 |
646.809.2183 |
aforbes@flyht.com |
flyht@fnkir.com |
investors@flyht.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 release.
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