Calgary, Alberta, July 22, 2021 (GLOBE NEWSWIRE) — 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
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