Canada Jetlines Operations (Canada Jetlines) the new, Canadian leisure airline, has upsized its recent non- brokered private placement from $1.5million to $2million due to oversubscription.
The Offering consists of units issued at $0.255 per unit, which each consists of one common or variable voting share and one half of one warrant. Each Warrant entitles the holder to purchase an additional share for a period of 24 months after closing at a price of $0.40 per warrant share.
In order to encourage share ownership by employees of the company, Canada Jetlines has stated that it will be offering all of its employees that chance to participate in the offering with a bonus incentive. Employees that participate with receive one additional unit (without payment of additional consideration) for every six units subscribed for in the offering.
Canada Jetlines intends to use the net proceeds for aircraft acquisition, general corporate and working capital purposes.