Volatus Aerospace Corp. is pleased to announce that it has closed its acquisition of MVT Geo-Solutions Inc. (“MVT”), a Quebec, Canada-based leader in Geomatics innovations. The company announced the definitive agreement to acquire MVT on February 1, 2022. The agreement was subject to several customary conditions including TSX Venture Exchange approval and due diligence.
“With the successful closure of this acquisition, Volatus expands our footprint in Quebec, which is one of the largest markets in Canada. We also increase our expertise in Geomatics and our access to national and provincial large-scale clients,” stated Glen Lynch, CEO of Volatus. “Maude Pelletier and her team are a welcome addition to the Volatus family. We are all looking forward to working together and growing our business.”
Maude Pelletier, CEO of MVT, commented: “Combining our strengths and capabilities will allow us to lead the industry and maximize our potential. It’s with great pride that we join the family, and we look forward to participating in the growth of Volatus and sharing our knowledge with the rest of the team.”
The total consideration payable in connection with the acquisition of 100% of outstanding shares of MVT is $995,000 CAD. This amount consists of: (i) $850,000 CAD paid in cash; and (ii) the balance through the issuance of 349,399 common shares of Volatus having a value of $145,000 CAD (calculated based on the last closing price of the Volatus common shares on the TSX Venture Exchange prior to the closing date). In a prior release (February 1, 2022) it was stated that Volatus will issue common shares to the value of $350,000. This has changed due to working capital adjustments as agreed between the parties.