(Toronto) Aimia has signed an agreement to raise up to $32.5 million in a private placement of shares and warrants that will be used to finance its operations and support its investment plans strategic.
The deal comes as the company faces an unsolicited buyout offer from its largest shareholder. Mithaq Canada, a wholly owned subsidiary of Mithaq Capital SPC, offered $3.66 per share in an offer that also includes going private in Aimia.
As part of the private placement announced Friday, before markets open, Aimia says it will issue a maximum of 10,475,000 shares and 10,475,000 share purchase warrants. The shares and related warrants will be issued at $3.10, while the warrants will be exercisable at $3.70 per share.
Shares of Aimia, which in 2019 sold its flagship Aeroplan loyalty program to Air Canada and reinvented itself as an investment holding company, closed up 7 cents at $3.52 on Thursday. Toronto Stock Exchange. The stock was trading down 5 cents at $3.47 Friday morning.
The Company states that assuming the Private Placement is fully subscribed and all warrants are exercised, the maximum number of shares that could be issued under the Private Placement would represent 24.89% of its currently outstanding shares on an undiluted basis.
In connection with and subject to the closing of the private placement, Aimia added that it would appoint Thomas Finke and Yannis Skoufalos as independent directors. Mr. Finke will also be named Chairman of the Board of Directors.
