"TORONTO, ON / ACCESSWIRE / January 24, 2024 / Canada Jetlines... is pleased to announce that it has closed on the final $7,466,688 In proceeds from its non-brokered private placement with a single arm's length investor and has now raised a total of $13,500,001 (the "
Offering"). The Offering consists of common shares (each a "
Share") issued at $0.1721252 per Share. The investor is Jetstream Aviation Inc. the ("
Investor" or "
Jetstream") which is a Canadian corporation.
The closing of the additional proceeds of the Offering resulted in the Investor purchasing 43,379,402 Shares, for an aggregate purchase price of $7,466,688. As a result of the closing of the additional proceeds of the Offering, the Investor now holds 78,431,287 Shares equal to approximately 50% of the issued and outstanding shares of the Company. The Shares issued in the second tranche of the Offering are subject to a hold period that expires on May 24, 2024.
As part of the transaction, the Investor has the right to nominate two directors to the Board of Directors of the Company. At this time Mr. Gurdev Singh has been elected to the Board of Directors of the Company.
The Company intends to use the net proceeds of the Offering for aircraft acquisition, general corporate and working capital purposes. No brokerage commissions or finder's fees are payable in connection with the Offering."
https://www.accesswire.com/827800/canada-jetlines-cboeca-cjet-announces-closing-of-third-and-final-tranche-of-135-million-equity-financing
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https://www.jetstreamaviation.com/
"Jetstream is a full service charter flight and aircraft management provider operating in Seattle WA, and Boise ID. We have the experience and professionalism to serve at every stage of private air travel.
Founded in 2004 for flight instruction and aircraft management, Jetstream received its Charter certificate in 2006 and began its customer focused service to the general public. A fresh company built from the ground up to be customer centric with people who care about your experience in the air, and after you land."