STRATEGIC INVESTORS BACK AIMIA'S VISION AND
VALUE PROPOSITION
THOMAS FINKE APPOINTED CHAIRMAN OF THE BOARD
OF DIRECTORS
(All figures in Canadian dollars unless otherwise
noted)
TORONTO, Oct. 21,
2023 /CNW/ - Aimia Inc. (TSX: AIM) ("Aimia" or
the "Company"), a holding company focused on long-term
global investments, today announced the closing of its previously
announced private placement (the "Private Placement") by
strategic investors of 10,475,000 Aimia common shares ("Common
Shares") together with 10,475,000 Common Share purchase
warrants ("Warrants") for total gross proceeds of
$32.5 million. The Company intends to
use the net proceeds of the Private Placement to fund its
operations over the next 12 to 24 months and support its strategic
investment plans and other contingencies.
The issue price of each Common Share and accompanying Warrant is
$3.10, with a $3.70 Warrant exercise price. The Warrants are
subject to customary anti-dilution provisions, are exercisable
immediately and expire five years from the date of issuance. The
Common Share and accompanying Warrant issue price and the Warrant
exercise price represent premiums of 2.4% and 22.3%, respectively,
over the five-day volume-weighted average trading price of the
Common Shares on the Toronto Stock Exchange (the "TSX") on
September 14, 2023 (being the last
trading day prior to the date the parties entered into a
non-binding term sheet), and which represent a $3.40 blended price per Common Share assuming the
Private Placement is fully subscribed and all Warrants are
exercised.
The Common Shares issued on closing of the Private Placement and
the Common Shares issuable on exercise of the Warrants are subject
to a six-month lock-up period from the date of closing of the
Private Placement, with customary carve-outs including the ability
to tender to a bona fide takeover bid. No voting trust or
similar agreement has been or will be entered into in connection
with the Private Placement.
Concurrent with this transaction, Thomas
Finke and Yannis Skoufalos
have been appointed to Aimia's Board of Directors. Mr. Finke has
been named Chairman of the Board.
Phil Mittleman, Chief Executive
Officer of Aimia, remarked, "We are delighted with the successful
completion of this Private Placement. This investment underscores
the confidence investors have in Aimia's underlying value,
strategic direction and future prospects. We are proud to welcome
Thomas and Yannis as new Aimia Board members, who bring substantial
experience, expertise, and share ownership, while increasing the
number of independent board members. This enriches the overall
skills matrix of our Board and provides strong support for the
ongoing execution of Aimia's growth strategy."
About Aimia
Aimia Inc. (TSX: AIM) is a holding company that makes long-term
investments in private and public businesses through controlling or
minority stakes. We target companies with durable economic
advantages evidenced by a track record of substantial free cash
flow generation over complete business cycles, strong growth
prospects, and guided by strong, experienced management teams.
Headquartered in Toronto, Canada,
Aimia is positioned to invest in any sector, wherever a suitable
opportunity can be identified worldwide. In addition, we seek
investments that may efficiently utilize the Company's operating
and capital loss carry-forwards to further enhance stakeholder
value.
For more information about Aimia, visit www.aimia.com.
Forward-Looking
Statements
This press release contains statements that constitute
"forward-looking information" within the meaning of Canadian
securities laws ("forward-looking statements"), which are based
upon our current expectations, estimates, projections, assumptions
and beliefs. All information that is not clearly historical in
nature may constitute forward-looking statements. Forward-looking
statements are typically identified by the use of terms or phrases
such as "anticipate", "believe", "could", "estimate", "expect",
"intend", "may", "plan", "predict", "project", "will", "would" and
"should", and similar terms and phrases, including references to
assumptions.
Forward-looking statements in this press release include, but
are not limited to, statements with respect to the Private
Placement, the anticipated proceeds therefrom and the anticipated
use of such proceeds; Aimia's current and future strategic
initiatives, investment opportunities and use of cash; and Aimia's
current and future strategic initiatives and investment
opportunities.
Forward-looking statements, by their nature, are based on
assumptions and are subject to known and unknown risks and
uncertainties, both general and specific, that contribute to the
possibility that the forward-looking statement will not occur. The
forward-looking statements in this press release speak only as of
the date hereof and reflect several material factors, expectations
and assumptions. While Aimia considers these factors, expectations
and assumptions to be reasonable, actual events or results could
differ materially from the results, predictions, forecasts,
conclusions or projections expressed or implied in the
forward-looking statements. Undue reliance should not be placed on
any predictions or forward-looking statements as these may be
affected by, among other things, changing external events and
general uncertainties of the business. A discussion of the material
risks applicable to us can be found in our current Management
Discussion and Analysis and Annual Information Form, each of which
have been or will be filed on SEDAR+ and can be accessed at
www.sedarplus.ca. Aimia cautions that the list of risk factors
included in such Management Discussion and Analysis is not
exhaustive. Except as required by applicable securities laws,
forward-looking statements speak only as of the date on which they
are made and we disclaim any intention and assume no obligation to
publicly update or revise any forward-looking statement, whether as
a result of new information, future events or otherwise.
SOURCE Aimia Inc.