Canada Jetlines Ltd. (TSX-V: JET) (OTCQB: JETMF) has announced that SmartLynx Airlines SIA has agreed to extend the funding milestone under the definitive subscription agreement, the company said.
SmartLynx will provide USD 7.5 million in financing under the terms of a convertible debenture. The amended offering terms were set to match the financing terms agreed to with InHarv ULCC Growth Fund.
Canada Jetlines Ltd. is set to become Canada´s first true Ultra-Low Cost Carrier (ULCC) airline, with plans to operate flights across Canada and provide non-stop service from Canada to the United States, Mexico and the Caribbean. The Company plans to commence operations with the Airbus A320 fleet, the most widely used aircraft for ultra-low cost carriers worldwide. Canada Jetlines is part of the King & Bay group of companies. King & Bay is a merchant bank that specializes in identifying, funding, developing and supporting growth opportunities in the resource, aviation, and technology sectors.