Jetlines and SmartLynx Confirm $7.5 Million Financing Still Proceeding

Canada Jetlines Ltd. (JET: TSX-V; JETMF: OTCQB) (the “Company” or “Jetlines”) and SmartLynx Airlines SIA (“SmartLynx”) are issuing this press release to confirm that the previously announced $7.5 million financing is still proceeding. Jetlines and SmartLynx agreed to restructure the financing such that it will be completed by way of a convertible debenture instead of subscription receipts. For regulatory reporting purposes, SmartLynx was required to issue a press release regarding the restructured financing in order to confirm that financing is no longer being completed by way of subscription receipts. On July 29, 2019, Jetlines and SmartLynx entered into a definitive subscription agreement (the “Agreement”) with respect to the $7.5 million convertible debenture financing. The amended offering terms are set to match the financing terms agreed to with InHarv ULCC Growth Fund. For further details please refer to Jetlines press releases dated July 8, 2019 and July 30, 2019.