Global Crossing Reports US$10.0 Million Investment By Ascent Global Logistics
Global Crossing Airlines (TSXV: JET) this morning announced that it will be conducting a US$10.0 million financing. The financing is to be purchased in whole by that of Ascent Global Logistics, a supply chain solutions provider within the air charter space.
The offering will see Ascent purchase 2.0 million units of the company at a price of US$1.29 each for proceeds of US$2.58 million, with each unit containing one common share and one common share purchase warrant. Each warrant is valid for a period of five years at a price of US$1.50 each.
Concurrently, the company will also Ascent acquire 5.5 million units at a price of US$1.34 per unit, for gross proceeds of US$7.4 million. Units within this round are to contain one non-voting Class A common share and one common share purchase warrant, with each warrant containing the same terms as above.
Proceeds from the offering are to be used to accelerate growth via the purchase of additional A320 aircraft, and to prepare for cargo charter operations in late 2021.
Under the investment agreement, Ascent will also have the right to appoint two directors to the board of Global Crossing.
Global Crossing Airlines last traded at $1.75 on the TSX Venture.
Information for this briefing was found via Sedar and Global Crossing Airlines. The author has no affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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