Canada Jetlines announces closing of SmartLynx financing

On December 27, 2018, Canada Jetlines Ltd. (“Canada Jetlines”), Canada’s first true Ultra-Low Cost Carrier (ULCC) airline, announced the closing of a private placement with SmartLynx Airlines SIA, which specializes in full-service Aircraft-Crew-Maintenance-Insurance (ACMI) aircraft lease services, whereby SmartLynx subscribed for 22,727,272 subscription receipts (“Subscription Receipts”) at a price of $0.33 per Subscription Receipt for aggregate gross proceeds of approximately $7.5 million. Subject to certain escrow release conditions, each Subscription Receipt entitles SmartLynx to receive one unit of Canada Jetlines consisting of one variable voting share and one common share purchase warrant. SmartLynx also has the option to acquire an additional $7.5 million variable voting shares of Canada Jetlines at the discounted market price at the time the option is exercised. Canada Jetlines Ltd. was advised by a Fasken team led by Krisztian Toth and Matthew Downer.