Canada Jetlines looking for more money to acquire aircraft following successful launch

Fresh from yesterday's inaugural flight the latest budget airline to take to the skies of Canada is seeking more funds....

 

The first aircraft arrives. Photo Canada Jetlines

Canada Jetlines Operations has increased the size of its non-brokered private placement to raise from $1,500,000 to up to $2,000,000. The Offering consists of units issued at $0.255 per unit (each a “Unit”). Each Unit consists of one common or variable voting share (each a “Share”) and one half of one warrant (each whole warrant a “Warrant”). Each Warrant entitles the holder thereof to purchase an additional Share (each a “Warrant Share”) for a period of 24 months after closing at a price of $0.40 per Warrant Share.

In order to encourage share ownership by employees of the Company, the Company will be offering all of its employees that chance to participate in the Offering with a bonus incentive. Employees that participate in the Offering with receive one additional Unit (without payment of additional consideration) for every six Units subscribed for in the Offering.

The Company intends to use the net proceeds of the Offering and the Loan for aircraft acquisition, general corporate and working capital purposes. The closing of the Offering and the Loan is subject to customary closing conditions, including the execution of definitive documentation and receipt of the approval of the Neo Exchange Inc.

The first flight....

Images from yesterday from Canada Jetlines

The leisure airline successfully celebrated its inaugural flight event on Thursday, September 22, 2022, as the carrier’s first route. Canada Jetlines commenced operations out of its travel hub at Toronto Pearson International Airport (YYZ) with its first scheduled route into Calgary International Airport (YYC) on September 22, 2022.

The inaugural flight departed out of Toronto Pearson International Airport with key media outlets and dignitaries, including the honourable Deputy Mayor Michael Thompson, along with the Canada Jetlines board of directors and members of the executive team. Once arrived at Calgary International Airport, the gate event kicked off with speeches and a ribbon cutting followed by celebrations before departing back to Toronto.

Canada Jetlines commenced biweekly flights following the event, operating Thursdays and Sundays out of Toronto (YYZ) to Calgary (YYC) from 07:55am -- EST 10:10am MST and returns from Calgary (YYC) to Toronto (YYZ) 11:40am MST – 17:20 EST. The frequency will increase to three flights per week, Thursdays through Sundays, in time for the holidays.

“Canada Jetlines is excited to offer service on our inaugural day out of our Toronto travel hub to the vibrant destination of Calgary,” shared Eddy Doyle, CEO of Canada Jetlines. “With a focus on leisure travel, we’ve selected Calgary as our first destination for its dynamic touristic options, expansive natural splendour, and reach to a key segment of Canadians. We’re thankful to the airport and the community for their support in allowing us to take to the skies with our inaugural flight.”