Canada Jetlines Announces Closing of Financing 

Canada Jetlines Operations Ltd. has announced that it has closed its previously announced non-brokered private placement. Final gross proceeds were raised were $575,002 (the “Offering”).

The Offering consisted of 2,738,104 units issued at $0.21 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 $0.35 per Warrant Share.

The Company intends to use the net proceeds of the Offering for general corporate, working capital and investor relations purposes. $100,000 of the Offering has been allocated to investor relations purposes. The securities issued in the Offering are subject to a four-month period that ends on August 28, 2023.

Canada Jetlines has announced new markets to Las Vegas, USA and Cancun, Mexico which began operations in February and March 2023 respectively.