FLYHT Announces a $5 Million Unsecured Debenture Arrangement

CALGARY, AB / ACCESSWIRE / May 29, 2024 / FLYHT Aerospace Solutions Ltd. (TSXV:FLY)(OTCQX:FLYLF) has executed a $5,000,000 unsecured debenture with Pinnacle Island II LP. This capital injection aims to support the company's efforts in securing additional Supplemental Type Certifications (STC) and accelerating the commercialization of its 5G aviation and weather solutions.

"This loan arrangement raises significant capital for FLYHT to support our growth plans," stated Kent Jacobs, President and Interim CEO. "We will use the incremental capital to seize new opportunities and support their working capital requirements while maintaining our cost discipline."

The Debenture has a three-year term with an annual interest rate of 12%, payable quarterly. Additionally, the Company will issue 2,000,000 common share purchase warrants as part of the agreement. Paradigm Capital Inc. acted as FLYHT's financial advisor, receiving a 4% commission on the total loan amount.

The final approval and acceptance of the Debenture are subject to the TSX Venture Exchange. The closing is expected shortly after this approval.