FLYHT Announces $6.6 Million Non-Brokered Private Placement
CALGARY, Alberta, July 07, 2021 (GLOBE NEWSWIRE) — 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
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.