Business
Global Crossing Airlines Announces Closing of Business Combination Transaction
Miami, Florida--(Newsfile Corp. - June 23, 2020) - Global Crossing Airlines Inc. ( TSXV: JET...
About this update from Global Crossing Airlines Group, Inc.
[{"type":"text","content":"Global Crossing Airlines Announces Closing of Business Combination TransactionMiami, Florida--(Newsfile Corp. - June 23, 2020) - Global Crossing Airlines Inc. (TSXV: JET) (the \"Company\" or \"GlobalX\" formerly known as Canada Jetlines Ltd.) is pleased to announce that it has closed the business combination of Global Crossing Airlines, Inc. (\"Global USA\") and the Company (the \"Transaction\"), including the completion of a US$1,543,600 million financing. Trading of the Company's common shares will resume at the opening on June 25, 2020 under the ticker symbol \"JET\" on the TSX Venture Exchange.Closing of Business Combination TransactionThe Company has closed the previously announced Transaction. On the closing of the Transaction, the Company changed its name to Global Crossing Airlines Inc. and consolidated its issued and outstanding common and variable voting shares (each a \"Share\") on the basis of one post-consolidation Share for every ten pre-consolidation shares. Global USA is now a wholly-owned subsidiary of the Company. The common shares of the Company will commence trading on the TSX Venture Exchange as a Tier 2 industrial issuer under the symbol \"JET\" on June 25, 2020. Prior to the closing of the Transaction, the Company issued 415,150 Shares (post-consolidation) to settle outstanding debt of approximately US$103,787.50 due to certain creditors through the issuance of approximately 415,150 Shares (post-Consolidation) at a deemed price of US$0.25 per Share and a further 48,809 Shares to settle Cdn$129,344.91 in debt at a deemed price of Cdn$2.65 per Share. The Company has also issued a total of 1,237,000 stock options and 342,000 restricted share units to directors, officers, employees and consultants, with the stock options exercisable at US$0.25 for a five-year period.After giving effect to the Transaction and the Offering (defined below), there will be 27,306,200 Shares of the Company issued and outstanding (calculated on a non-diluted basis).Closing of FinancingIn connection with the Transaction, the Company completed a financing for gross proceeds of US$1,543,600 million financing (the \"Offering\"). The Offering consisted of 6,174,400 units issued at US$0.25 per unit (each a \"Unit\"). Each Unit consists of one Share and one warrant (each a \"Warrant\"). Each Warrant entitles the holder thereof to purchase a...