TORONTO, ON / ACCESSWIRE / June 25, 2024 / Canada Jetlines Operations Ltd. (Cboe CA:CJET) ("Canada Jetlines" or the "Company"), a leisure carrier which also offers charter and ACMI (Aircraft Crew Maintenance Insurance) services, today announces that it has closed a non-convertible term Loan Agreement for a $2,000,000 loan (the "Loan") with an arm's length third party corporation. The terms of the Loan include:

• the Loan will be advanced in tranches of $200,000 with the full amount to be advanced on or before July 2, 2024;

• the Loan bears interest at the rate of 12.00% per annum, payable monthly, and has a maturity date of October 31, 2024;

• the Borrower shall pay the document closing costs of the lender; and

• the Loan is unsecured.

The Company intends to use the net proceeds of the Loan to repay the remaining principal amount owing to Square Financial Investment Corporation pursuant to its $2 million loan announced on May 10, 2024 and for general corporate and working capital purposes.

About Canada Jetlines

Canada Jetlines Operations Ltd. (Cboe CA: CJET), trading as "Canada Jetlines," is a Canadian leisure airline, which also offers charter and ACMI services, committed to providing an exciting travel experience to its passengers. With a growing network of destinations, Canada Jetlines is dedicated to connecting Canadians with some of the world's most captivating and sought-after locations.

Media Contact:

Erica Dymond
[email protected]
416-587-6183

Investor Contact:

Alyssa Barry
604-997-0965
[email protected]

Connect With Us!

Instagram: @ca_jetlines
Twitter: @ca_jetlines
Facebook: @CAJetlines
LinkedIn:www.linkedin.com/company/jetlines

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this news release includes but is not limited to the Company's status as a leading leisure airline, the number of aircraft it intends to operate, the destinations of intended flights, the Company's growth strategy, the repayment of the Loan and the use of proceeds of the Loan.

In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the receipt of financing to continue airline operations, the accuracy, reliability and success of Jetlines' business model; the continued compliance with the terms of governmental approvals; Jetlines concluding definitive agreements for additional aircraft; the success of operations by Jetlines the legislative and regulatory environments of the jurisdictions where Jetlines will carry on business or have operations; the impact of competition and the competitive response to Jetlines' business strategy; and the availability of aircraft. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.