MIAMI, FL, June 23, 2020 – Global Crossing Airlines Inc. (JET: TSX-V) (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 Transaction

The 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 Financing

In 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 an additional Share for US$0.50 for a period of 24 months after closing of the Offering. The Company increased the size of its maximum offering by US$43,600, with such additional proceeds being allocated to working capital.

In connection with the Offering, the Company paid finder’s fee consisting of US$16,037.50 in cash and issued 64,150 finder’s warrants exercisable to purchase a Share for US$0.25 for a period of 24 months after closing of the Offering.

All securities issued in the Offering are subject to a four month hold period that expires on October 24, 2020.

This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the Unites States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.