On April 26, 2022 Canada Jetlines Operations Ltd closed the transaction. The company issued 9,571,413 units at a price of CAD 0.35 per unit for gross proceeds of CAD 3,349,995. The transaction was co-led by returning investor Advent Securities, Inc., and new investor, Roosheila Group Inc. Roosheila Group Inc. will own and control 7,142,857 shares of the company, representing approximately 11.90% of the issued and outstanding shares, and 3,571,428 Warrants and will have ownership and control over 10,714,285 Shares representing on a partially-diluted basis 16.84% of the issued and outstanding Shares of the company.

The securities issued in the offering are subject to a statutory hold period that expires on August 27, 2022.