SOURCE: FLYHT Aerospace Solutions Ltd.

FLYHT Aerospace Solutions Ltd.

May 12, 2016 16:22 ET

FLYHT Aerospace Solutions Ltd. Announces Closing of Private Placement

CALGARY, ALBERTA--(Marketwired - May 12, 2016) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

FLYHT Aerospace Solutions Ltd. (TSX VENTURE: FLY) (OTCQX: FLYLF) (the "Corporation" or "FLYHT") today reported that the Corporation has closed its previously announced private placement offering. Pursuant to this closing, 33,910,081 units ("Units") were issued at a price of $0.15 per Unit, for aggregate consideration of $5,086,512.15. Each Unit consisted of one (1) Common Share of the Corporation and one-half of one (1/2) share purchase warrant (the "Warrant") (each full Warrant shall entitle the holder thereof to purchase one (1) additional Common Share of the Corporation for a period of 24 months from the issuance of the Units at a price of $0.25) (the "Offering"). Directors and officers of the Corporation subscribed for an aggregate $370,360 of Units under this Offering.

The net proceeds will be used to: (i) repay the Corporation's outstanding debentures due in June 2016 (approx. $2.5M); (ii) assist in new product development; and (iii) increase FLYHT's working capital.

Finder's fees totaled an aggregate of $317,275.08 and an aggregate of 2,115,167 finder's options (the "Finder's Options") were issued to eligible finders for their assistance on this closing. Each Finder's Option is exercisable for a period of 24 months from the date of issuance into one Unit of the Corporation (on the same terms and conditions as those received by the subscribers under this Offering) at $0.15 per Unit.

All of the Common Shares and Warrants issued pursuant to the private placement are subject to a 4-month hold period. Completion of the private placement is subject to the final approval of the TSX Venture Exchange.

About FLYHT Aerospace Solutions Ltd.

FLYHT is a leading provider of real-time aircraft intelligence and cockpit communications for the aerospace industry. More than 50 customers, including airlines, leasing companies and original equipment manufacturers, have installed our systems in order to increase safety, improve operational efficiencies and enhance profitability. FLYHT's proprietary technology, the Automated Flight Information Reporting System (AFIRS™), operates on multiple aircraft types and provides functions such as safety services voice and text messaging, data collection and transmission, and on-demand streaming of flight data recorder (black box), engine and airframe data. AFIRS sends this information through the Iridium Satellite Network to FLYHT's UpTime™ ground-based server, which routes the data to customer-specified end points and provides an interface for real-time aircraft interaction. AFIRS has flown over 2 million aggregate flight hours and 1.5 million flights on customers' aircraft. FLYHT holds supplemental type certificates (STC) which allow for the installation of AFIRS on 95% of transport category aircraft.

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Neither 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 .

Contact Information

  • Contact Information

    FLYHT Aerospace Solutions Ltd.
    Nola M. Heale, CPA, CA
    Chief Financial Officer
    403-291-7425
    nheale@flyht.com 

    Investor Relations
    The Howard Group Inc.
    Dave Burwell
    Vice President
    (888) or (403)-221-0915
    dave@howardgroupinc.com