Sold another 16% of DADA for $25mmSecured debt paid down by $85mm which is good. The remaining 10% would have value of about $16mm based on this financing.
Discovery Air closes $25-million financing
2017-12-22 17:37 ET - News Release
An anonymous director reports
DISCOVERY AIR ANNOUNCES EQUITY FINANCING FOR DEFENCE BUSINESS
Discovery Air Inc.'s Discovery Air Defence Services Inc. (DA Defence) has closed an equity financing transaction with a large third party institutional investor, pursuant to which, among other things, such third party institutional investor purchased $25-million of common shares of DA Defence from Discovery Air. Discovery Air continues to own approximately 10 per cent of DA Defence. Discovery Air will use the proceeds of such transaction to, among other things, reduce its secured debt.
DA Defence also recently completed its own senior debt financing transaction with a syndicate of large Canadian financial institutions.