AeroMechanical Services Ltd. Announces Closing of $1,670,000 Non Brokered Private Placement
Thu Oct 8, 5:35 PMCALGARY, Alberta--(BUSINESS WIRE)--AeroMechanical Services Ltd. (AMA) today announced that it has closed its previously announced non brokered private placement. An aggregate 4,175,000 common shares were issued at a price of $0.40 per share, for aggregate consideration of $1,670,000. The proceeds will be used to increase AMS’ working capital and to assist in development of AMA’s next generation of afirs™ product development. The shares under this private placement were sold to a private capital group out of the United States and some insiders and employees of AMA. All of the common shares issued pursuant to this 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 AeroMechanical Services Ltd.
AeroMechanical Services Ltd. provides proprietary technological solutions and services designed to reduce costs and improve efficiencies in the aviation industry. The company has successfully commercialized three products and associated services currently marketed to airlines, manufacturers and maintenance organizations around the world. Its premier technology, afirs™ UpTime™, and FIRSTTM allows airlines to monitor and manage aircraft operations anywhere, anytime, in real-time.
afirs, UpTime, FLYHT and aeroQ are Trade Marks of AeroMechanical Services Ltd.
Neither the 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.
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AeroMechanical Services Ltd
Tom French, CFO, 403-291-7427
tfrench@amscanada.com
www.amscanada.com
or
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Howard Group Inc.
Bob Beaty, 1-888-221-0915
Info@howardgroupinc.com
www.howardgroupinc.com
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