Business
Volatus Aerospace Inc. Completes Shares-for-Debt Settlement of Unsecured Convertible Debentures
/ NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STAT...
About this update from Volatus Aerospace Inc.
[{"type":"text","content":"Volatus Aerospace Inc. Completes Shares-for-Debt Settlement of Unsecured Convertible Debentures\n\n\n\n / NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES /\n \n\n TORONTO, May 14, 2025 (GLOBE NEWSWIRE) -- Volatus Aerospace Inc. (TSXV: FLT) (OTCQX: TAKOF) (Frankfurt: ABB) (\"\n \n Volatus\n \n \" or the “\n \n Company\n \n \"), a leader in global aerial solutions, is pleased to announce that, further to its press release dated April 11, 2025, the Company has completed its previously announced shares-for-debt transaction (the “\n \n Shares-for-Debt Transaction\n \n ”) and issued a total of 20,174,280 common voting shares in the capital of the Company (the “\n \n Common Shares\n \n ”) and 17,640,000 Common Share purchase warrants (each a “\n \n Warrant\n \n ”) settling an aggregate debt of $3,026,142.00 owing to holders of unsecured convertible debentures of the Company (the “\n \n Debentures\n \n ”) issued pursuant to a debenture indenture dated May 11, 2023 between the Company and TSX Trust Company. To give effect to the Shares-for-Debt Transaction, the Company and TSX Trust Company, as trustee, entered into a third supplemental indenture to the debenture indenture governing the Debentures.\n \n\n The Common Shares were issued at a deemed price of $0.15 per Common Share. Each Warrant is exercisable into one Common Share at an exercise price of $0.20 per Common Share for a period of three years from the date of issuance, subject to acceleration if, at any time following the date that is 4 months and one day following the date of issuance, the daily volume weighted average trading price of the Common Shares on the TSX Venture Exchange (“\n \n TSXV\n \n ”) is greater than $0.35 per share for the preceding 10 consecutive trading days on the TSXV. The Warrants are governed by the terms of a warrant indenture between the Company and TSX Trust Company, as warrant agent.\n \n\n The Common Shares and Warrants issued pursuant to the Shares-for-Debt Transaction are subject to a hold period of four months and one day following the date of issuance, in accordance with applicable securities laws and TSXV policies. The Shares-for-Debt Transaction is subject to final approval of the TSXV.\n \n\n The Common Shares and War...