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Volatus Aerospace Corp. has announced a brokered private placement agreement with Echelon Wealth Partners to raise up to $3,000,000 through the issuance of 3,000 convertible debenture units, priced at $1,000 each. There is an option to increase the offering by up to 450 units, bringing total potential proceeds to $3,450,000. Each debenture will have a 12% annual interest rate and a 24-month maturity period. Holders can convert the debentures into common shares at a price of $0.50 each. Additionally, the company will undertake a concurrent non-brokered offering for up to 250 debenture units totaling $250,000. Proceeds are intended for research and development and general working capital.
Volatus Aerospace Corp. (OTCQB: VLTTF) has successfully completed the acquisition of Sky Scape Industries, LLC, enhancing its inspection services in the power utilities sector. The transaction, valued at US$585,000 (approximately C$783,900), is expected to generate C$1.4M in revenue for 2023, with C$1M being recurring. Volatus aims to establish itself as a leading service provider across North America, leveraging advanced technologies like LiDAR and thermal sensors for inspections. The acquisition is seen as a strategic move to fulfill growing demand in corridor inspections for oil, gas, and utilities.