Canada Jetlines Ltd. (TSX-V: JET), formerly known as Jet Metal Corp., has completed between Jet Metal Corp. and Canada Jetlines Ltd. On the closing, Jet Metal Corp. changed its name to Canada Jetlines Ltd. and Canada Jetlines Ltd., now a wholly-owned subsidiary of the Company, changed its name to Canada Jetlines Operations Ltd.
Following the closing of the transaction, net proceeds held in escrow of $6,501,847.55 from the previously announced offering have been released to the company.
Net proceeds will be used to further the business objectives of Jetlines in launching an ultra-low cost airline carrier in Canada, including advancing the licensing process, augmenting the leadership team with operations and commercial personnel, branding and marketing activities, as well as advance internet, digital media and IT systems initiatives.
After giving effect to the transaction and the offering, there will be 57,636,409 common and variable voting shares issued and outstanding on a non-diluted basis.
The common and variable voting shares will commence trading on the TSX Venture Exchange, under a single ticker symbol, as a Tier 2 industrial issuer under the symbol “JET” on March 7, 2017.
Mark J. Morabito, Jim Scott, John Sutherland, Rejean Bourque, Stan Gadek, Deborah Robinson and Mark Lotz have been appointed as the new directors of the company. Morabito has been appointed as Executive Chairman and Scott has been appointed as Chief Executive Officer.
Canada Jetlines has appointed Carlo Valente as Chief Financial Officer, Dix Lawson as Vice President Strategic Planning and Olen Aasen as Vice President Legal and Corporate Secretary.
photo credit: Canada Jetlines