MIAMI, FLORIDA, August 26, 2020 – Global Crossing Airlines Inc. (TSXV: JET) (OTC Pink: JETMF) (the "Company" or "GlobalX") is pleased to announce that the initial draw down (the "Draw Down") has been completed under the GEM Facility in accordance with the GEM Agreement as previously disclosed. (See the news release dated May 6, 2020 for further information with respect to the GEM Agreement.)
Pursuant to the Draw Down, GEM Global Yield LLC SCS was issued 473,714 common voting and variable voting shares ("Shares") of GlobalX at a price of $0.8937 per Share (the "Share Price") for gross proceeds of $423,358.20. The dilution to shareholders from this funding is approximately 1.7%. The Share Price reflects an approx. 160% increase from the share price at the restart of trading on June 24th. GlobalX will use the funds to complete Phase 2 requirements under its plan of certification with the FAA, including the implementation of airline specific software systems for flight operations and maintenance, as well as initial deposits for A320 aircraft.
GlobalX EVP/CFO, Ryan Goepel stated "This first draw of funds under the GEM facility was very efficient, and shows our ability to tailor the amount of each draw to specific operational requirements, minimizing shareholder dilution while allowing us to meet on a timely basis our funding needs going forward."
Management will host its monthly update through a Zoom webinar on Monday, August 31 at 3:00 PM EST. Interested parties are encouraged to register below.
When: Aug 31, 2020 - 03:00 PM Eastern Time
Topic: Global Crossing Airlines Management Update
Register in advance for this webinar:
https://us02web.zoom.us/webinar/register/WN_9W5eNz_5TEmDKzh32yH03w
After registering, you will receive a confirmation email containing information about joining the webinar.