Canada Jetlines Announces $2 Million Loan Agreement

Canada Jetlines Operations Ltd. (Cboe CA:CJET) has secured a $2,000,000 non-convertible loan from an arm's length third-party corporation. The loan, closed today, will be distributed in $200,000 tranches, with the full amount expected by July 2, 2024. The loan bears an annual interest rate of 12%, payable monthly, and matures on October 31, 2024. The loan is unsecured and the borrower is responsible for the lender's closing costs.

The airline plans to use the net proceeds to repay an existing $2 million loan with Square Financial Investment Corporation and for general corporate and working capital needs. Canada Jetlines, a leisure carrier offering charter and ACMI services, continues to focus on connecting Canadians with top destinations globally.