Canada Jetlines Upsizes Financing After Inaugural Flight
Following its inaugural flight occurring just yesterday, Canada Jetlines (NEO: CJET) is looking to raise additional funds under a previously announced financing. The firm this morning revealed it is looking to raise additional capital to support its balance sheet as well as for aircraft acquisitions.
Under the terms of the financing, the company is now looking to raise $2.0 million, up from the prior $1.5 million, in an offering consisting of units of the company. Each unit, priced at $0.255, contains one common or variable voting share, as well as one half warrant. Warrants are valid for a period of two years after closing and contain an exercise price of $0.40.
In a bid to encourage internal ownership, the company is also offering an incentive exclusive to its employees, whereby they will receive one additional unit for every six units purchased under the offering.
The upsized financing follows the firm yesterday completing its inaugural flight, which flew from the Toronto Pearson International Airport to the Calgary International Airport. The carrier is currently conducting two flights a week between the two centers, with the frequency set to increase to three times per week later this year. The first flights were originally scheduled late last month.
Canada Jetlines last traded at $0.30 on the Neo.
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