TORONTO–(BUSINESS WIRE) — Canada Jetlines Operations Ltd. (NEO: CJET) (“Canada Jetlines” or the “Company”) the new, all-Canadian, leisure airline, announces that due to oversubscription it intends to increase the size of its non-brokered private placement to raise from $1,500,000 to up to $2,000,000 (the “Offering”). 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.
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This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
