Canada Jetlines Operations Ltd announced a non-brokered private placement of 4,762,000 units at a price of CAD 0.21 per unit for gross proceeds of CAD 1,000,020 on March 13, 2023. Each unit consists of one variable voting share and one half of one warrant. Each warrant entitles the holder thereof to purchase an additional share for a period of 24 months after closing at a price of CAD 0.35 per warrant share.

The transaction will include participation from a single arm's length investor. The closing of the transaction is subject to customary closing conditions, including the receipt of the approval of the Neo Exchange Inc. The closing is expected to occur on or before April 15, 2023.