Canadian inflight safety specialist Star Navigation Systems plans to raise up to C$500k (US$405k) in the second tranche of a private placement it kicked off last month.
Proceeds from the non-brokered deal will go towards working capital and corporate…
Canadian inflight safety specialist Star Navigation Systems plans to raise up to C$500k (US$405k) in the second tranche of a private placement it kicked off last month.
Proceeds from the non-brokered deal will go towards working capital and corporate overhead, helping Star deploy the satellite-based virtual black box technology it has developed.
Up to 10 million units will be issued under the plan, each at a price of C$0.05 and comprising one common share and one warrant. As with the first tranche in May, 50% of the warrants will entitle the holder to buy an additional common share for C$0.06 over two years, while the other half is priced at C$0.12.
The company’s proprietary Star V-TRK devices use Iridium’s satellite constellation to track and monitor aircraft. It also sells flat panel displays through its STAR-MMI division.
Iridium, meanwhile, has its own satellite-based air traffic surveillance system called Aireon, a JV with partners including air navigation service providers in Canada, Italy, Ireland and Denmark.
It will use a payload on the MSS operator’s upcoming NEXT constellation and aims to provide full services in 2018.
Aireon announced yesterday that it had signed an MoU with Isavia, Iceland’s air navigation service provider, to explore using these services in the North Atlantic and Polar regions.
