Canso invests $6.7m in Horizon Aircraft
Horizon Aircraft has announced a strategic investment from Canso Investment Counsel and affiliates for $6.7m CAD.
The investment, which totals just under $5m USD, comes in the form of a convertible note. Horizon’s leadership believes that Canso’s financing will strengthen the OEM’s position and accelerate its developmental timeline.
Brandon Robinson CEO and co-founder of Horizon said: “Canso has a strong history of supporting the growth of numerous businesses across Canada since its inception. We are proud and humbled to have Canso as a strategic partner. Canso is an experienced investor in aviation and space technology and is a champion of Canadian aerospace companies in particular. This investment is a landmark moment for our organisation and will play a major part in Horizon Aircraft’s vision of building a better future and providing long-term value for our shareholders.”
Robinson and several of Canso’s senior staff come from similar Canadian military and aviation backgrounds — a shared experience to be leveraged, said Robinson.
Nic Desjardins portfolio manager at Canso added: “Horizon Aircraft’s management team give us the confidence to be able to support an innovative Canadian aerospace company that is making considerable progress with their project. We made this investment because we believe in their leadership, the value proposition of their unique technology and approach to developing it. We hope that the Cavorite programme will have a resounding, positive impact on Canada’s communities and our citizens.”
Announced back in August, Horizon has executed a definitive business combination agreement with Pono Capital Three. The plan is that Horizon will amalgamate with Pono Three Merger Sub, Inc., a wholly owned subsidiary of Pono, the resulting combined company will trade under NASDAQ ticker: HOVR.