CALGARY, ALBERTA--(Marketwire - May 25, 2012) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
FLYHT Aerospace Solutions Ltd. (the "Corporation") (TSXV:FLY) is pleased to announce that it has entered into an agreement (the "Agreement") with Toll Cross Securities Inc. (the "Agent") pursuant to which the Corporation will offer for sale on a private placement basis up to 9,090,909 units ("Units") at a price of $0.22 per Unit for gross proceeds of up to approximately $2 million (the "Brokered Offering"). Pursuant to the Agreement, the Agent has agreed to act as the Corporation's agent under the Brokered Offering and solicit, on a "commercially reasonable efforts" basis, subscriptions for the Units. Each Unit will consist of one common share ("Common Share") and one-half of one common share purchase warrant (each whole warrant referred to as a "Warrant") of the Corporation. Each Warrant will entitle the holder to acquire one Common Share at a price of $0.30 for a period of 2 years from the date of issuance of the Warrant.
The Corporation also intends to complete a concurrent non-brokered private placement of up to an additional 9,090,909 Units on the same terms as the Brokered Offering, for additional gross proceeds of up to approximately $2 million (together with the Brokered Offering, the "Offerings").
Pursuant to the Agreement, the Corporation has also granted the Agent an over-allotment option entitling the Agent to increase the Brokered Offering by up to an additional $300,000, which may be exercised by the Agent at any time until 24 hours prior to the closing of the Brokered Offering.
In consideration for its services, the Agent (or any eligible finders who may also assist in connection with a private placement of the Units) shall receive a fee equal to 7% of the gross proceeds raised by the Agent (or any eligible finders) in connection with the Offerings as well as agent warrants ("Agent Warrants") in an amount equal to 7% of the aggregate number of Units sold by the Agent (or any eligible finders) pursuant to the Offerings. Each Agent Warrant shall be exercisable for a period of two (2) years from the date of issuance into one Common Share at a price equal to the issue price of the Offerings.
The proceeds will be used to fund business development objectives and for working capital purposes.
All of the securities issued pursuant to the Offerings are subject to a four (4) month hold period. Completion of the Offerings is subject to the final approval of the TSX Venture Exchange.
About FLYHT Aerospace Solutions Ltd.
FLYHT provides proprietary technological products and services designed to reduce costs and improve efficiencies in the airline industry. The Company has patented and commercialized three products and associated services currently marketed to airlines, manufacturers and maintenance organizations around the world. Its premier technology, AFIRS(TM) UpTime(TM), allows airlines to monitor and manage aircraft operations anywhere, anytime, in real time. If an aircraft encounters an emergency, FLYHT's triggered data streaming mode, FLYHTStream(TM), automatically streams vital data, normally secured in the black box, to designated sites on the ground in real-time. The Company has been publicly traded on the TSX Venture Exchange since 2003 and recently changed its trading symbol from AMA to FLY. Shareholders approved a Company name change from AeroMechanical Services Ltd. to FLYHT Aerospace Solutions Ltd. in May 2012.
AFIRS, UpTime, FLYHT, FLYHTStream and aeroQ are trademarks of FLYHT Aerospace Solutions Ltd.
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This press release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein. The securities have not been and will not be registered under the U.S. Securities Act, or any state securities laws and may not be offered or sold within the United States or to "U.S. persons" (as such term is defined in Regulation S promulgated under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.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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