Canada Jetlines (NEO:CJET) Announces Closing of Additional Proceeds of $13.5 Million Equity Financing
Summary
In accordance with the Neo Exchange Listing Manual, the Company obtained the approval of its shareholders at a special meeting on November 14, 2023 for Jetstream to become a Control Person.The third and final tranche is scheduled to close in January 2024. 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.As part of the transaction, the Investor has the right to nominate two directors 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 finders fees are payable in connection with the Offering.This news release does not constitute an offer of securities for sale in the United States. Forward-looking information contained in this news release includes but is not limited to the completion of the third tranche of the Offering, the use of proceeds of the Offering, the Companys intention to operate as a leisure airline, the number of aircraft it intends to operate, the destinations of intended flights, timelines to announce new schedules and destinations, growth plans and business of Jetlines. In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance.