By Sheri Kasprzak
New York, Jan. 10 - AeroMechanical Services Ltd. said it plans to raise C$1.5 million in a non-brokered private placement.
The company intends to sell 5,769,230 units at C$0.26 each.
The units are comprised of one share and one half-share warrant. The full warrants are exercisable for one class A share at C$0.40 each for two years.
The expiry of the warrants may be accelerated to 30 days if the company's stock trades above C$0.50 for more than 10 consecutive trading days.
Proceeds will be used for working capital.
Calgary, Alta.-based AeroMechanical provides products like ice shields and floor stowage units to the airline industry.
Issuer: | AeroMechanical Services Ltd.
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Issue: | Units of one share and one half-share warrant
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Amount: | C$1.5 million
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Units: | 5,769,230
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Price: | C$0.26
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.40
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Placement agent: | Non-brokered
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Pricing date: | Jan. 10
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Stock price: | C$0.28 at close Jan. 10
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