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Registration Statement on Form S-3 of New Horizon Aircraft Ltd. (the "Company") |
We have acted as Canadian counsel to the Company, a company continued pursuant the laws of British Columbia, in connection with the Registration Statement on Form S-3 (File No. 333-285000) (the "Registration Statement"), the base prospectus filed on March 17, 2025 and declared effective on March 25, 2025 (the "Base Prospectus"), and the prospectus supplements filed March 26, 2025, June 27, 2025 and October 31, 2025 (such prospectus supplements, together with the Base Prospectus, the "Prospectus"), relating to the issuance and sale of up to US$50,000,000 of Class A ordinary shares, without par value (the "Common Shares") that may be sold from time to time under the Prospectus, pursuant to the Capital on Demand™ Sales Agreement, dated February 14, 2025 with JonesTrading Institutional Services LLC (such agreement, the "Sales Agreement"). We are advised that as an aggregate value of US$14,875,463 of Common Shares have been sold to date under the Sales Agreement, additional Common Shares having a maximum aggregate value of US$35,124,537 may be sold under the Prospectus (the "Placement Shares").
In connection with giving this opinion, we have examined, among other things: (a) the Registration Statement (including exhibits thereto) and the Prospectus; (b) the Company's notice of articles (the "Notice of Articles"), as in effect on the date hereof; (c) the Company's articles (together with the Notice of Articles, the "Constating Documents"), as in effect on the date hereof; (d) copies of the resolutions of the Company's Board of Directors relating to the Registration Statement, Prospectus and Placement Shares and other matters; and (e) a certificate of an officer of the Company dated the date hereof with respect to certain factual matters referred to herein.
Posted In: HOVR
