Canada Jetlines Operations Ltd announced a non-brokered private placement of units issued at CAD 0.255 per unit for gross proceeds from CAD 1,200,000 to CAD 1,500,000 on September 12, 2022. Each unit consists of one common or 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 0.40 per warrant share.

The transaction will include participation from returning investor Global Crossing Airlines Group Inc. along with the companyÆs executives and management team. The company also entered into a loan agreement for a CAD 169,289 loan ($130,000) from an armsÆ length third party lender. The loan bears interest at the rate of 7% per annum.

A maturity date of 6 months from the closing date, renewable for additional 6 month terms upon agreement of the company and the lender. Principal and interest amounts are payable at maturity, unless the loan is renewed in which case only interest is paid, and the loan is unsecured.