By Sheri Kasprzak
New York, Feb. 23 - AeroMechanical Services Ltd. said it has settled its previously announced private placement for C$1,092,650.
The company issued 4,202,500 units at C$0.26 each.
The units consist of one class A share and one half-share warrant. The whole warrants are exercisable 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.
The deal priced Jan. 10 as a C$1.5 million offering of 5,769,230 units.
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$1,092,650
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Units: | 4,202,500
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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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Settlement date: | Feb. 23
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Stock symbol: | TSX Venture: AMA
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Stock price: | C$0.28 at close Jan. 10
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Stock price: | C$0.34 at close Feb. 23
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