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The Offering was led by
The Offering was completed pursuant to the Company’s (final) short form prospectus dated
The Company is also pleased to announce that it has closed its previously contemplated concurrent brokered private placement of 569,222 Units on the same terms as the Offering (the “Concurrent Private Placement”) for aggregate gross proceeds of approximately
The Company will use the net proceeds of the Offering and Concurrent Private Placement for inventory, factory operations, warehouse improvements, equipment for services and training, technology development, acquisitions, working capital and general corporate purposes, as more particularly set out in the Prospectus.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in
Certain insiders of the Company purchased an aggregate of 555,600 Units under the Offering. This constitutes a “related party transaction” within the meaning of TSX Venture Exchange Policy 5.9 (“Policy 5.9”) and Multilateral Instrument 61-101 (“MI 61-101”). The Company has relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 (and Policy 5.9) contained in sections 5.5(b) and 5.7(1)(b) of MI 61-101 in respect of such insider participation. The Company did not file a material change report more than 21 days before the expected closing of the Offering, as the details and amounts of the insider participation were not finalized until closer to the closing and the Company wished to close the Offering as soon as practicable for sound business reasons.
Corporate Update
Volatus announces the granting of 200,000 stock options to its new board member, Lt. General (ret'd) the Honourable Andrew Leslie. Each stock option entitles the holder to purchase one common share of the Company for an exercise price of
The granting of these options is subject to the terms of the Company’s stock option plan and its standard form stock option agreement, in addition to any required approval of the TSXV.
About
Forward-Looking Statement
This news release contains statements that constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Corporation with respect to future business activities and operating performance. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the foregoing) be taken, occur, be achieved, or come to pass. Forward-looking information includes information regarding (i) the business plans and expectations of the Corporation; and (ii) expectations for other economic, business, and/or competitive factors. Forward-looking information is based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to the Corporation, including information obtained from third-party industry analysts and other third-party sources, and are based on management’s current expectations or beliefs. Any and all forward-looking information contained in this news release is expressly qualified by this cautionary statement. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Forward-looking information reflects the Corporation’s current beliefs and is based on information currently available to it and on assumptions it believes to be not unreasonable in light of all of the circumstances. In some instances, material factors or assumptions are discussed in this news release in connection with statements containing forward-looking information. Such material factors and assumptions include, but are not limited to: the impact of the COVID-19 pandemic on the Corporation; meeting the continued listing requirements of the TSXV; and anticipated and unanticipated costs and other factors referenced in this news release and the Circular, including, but not limited to, those set forth in the Circular under the caption “Risk Factors”. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. The forward-looking information contained herein is made as of the date of this news release and, other than as required by law, the Corporation disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
Neither the
Source:
TSXV: VOL
Contact Details
+1 833-865-2887
Abhinav.singhvi@volatusaerospace.com
Company Website
https://volatusaerospace.com
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Copyright (c) 2022 TheNewswire - All rights reserved., source