Canada Jetlines Operations Ltd announced a non-brokered private placement of 78,431,287 common shares at a price of CAD 0.1721252 per share for the gross proceeds of CAD 13,500,001 on September 28, 2023. The transaction will include participation from new investor, Jetstream Aviation, Inc. The Offering is scheduled to close in three separate tranches. The first settlement will occur within two business days of the approval of the Neo Exchange Inc. subject to the satisfaction of other closing conditions.

This first tranche will consists of 19,598,017 Shares, equal to approximately 19.9% of the issued and outstanding shares of the company, for an aggregate purchase price of CAD 3,373,313. The company intends to obtain shareholder approval for the second and third tranche at a special meeting of shareholders. Assuming shareholder approval is obtained, the second tranche is scheduled to close two business days after the meeting.

The second tranche will consists of 29,416,635 shares, equal to approximately 15% of the current issued and outstanding shares of the company for aggregate purchase price of CAD 5,063,344. Assuming shareholder approval is obtained, the third tranche is scheduled to close sixty calendar days after the Meeting. The third tranche will consists of 29,416,635 Shares, equal to approximately 15% of the current issued and outstanding shares of the company, for an aggregate purchase price of CAD 5,063,344.

Upon completion of all three tranches of the Offering, the Investor will hold 78,431,287 Shares of the Company representing approximately 50% of the current issued and outstanding shares of the company. The closing of the offering is subject to customary closing conditions, including the receipt of the approval of the Exchange. No brokerage commissions or finder?s fees are payable in connection with the Offering.