LONDON – Canada Jetlines Operations, an all-new Canadian leisure airline has announced that it entered into a Loan Agreement for a $1,000,000 load from Rooshelia Group Inc.
The Lender is a holding firm for a travel industry veteran, Reg Christian.
The current loan has an interest rate of 7% per year, and a maturity date of 2 years from the date of the agreement, with the principal and interest, amounts payable in equal per month instalments for the period of 2 years.
Rooshelia Group will be issued 25,000 common shares on the day that is a year from the agreement date and an additional 25,000 common shares on the date that is years from the agreement date.
The lender also will be able to gain a board nomination right for the conditions and terms and loans.
The airline plans to use the total proceeds of the load for general day-to-day operations, working and corporate capital purposes.
This includes the closing of the transaction and is currently subject to reviewing of closing conditioned, including the receipt approval of Neo Exchange inc.
The lender is closely associated with Reg Christian, a director of the company, and the lender’s participation in the loan is considered a related party transaction.
The transaction within the interpretation of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”).
About Canada Jetlines
Canada Jetlines is a new all-Canadian airline, with a high focus on carrying leisure individuals to sunny destinations in the United States, Caribbean and Mexico.
These destinations are particularly very popular for Canadians who want to escape the extreme Canadian cold. Popular destinations for Canadians include Florida, Cuba, the Bahamas, Dominican Republic, St. Maarten and Bermuda.
In Mexico, places like Tijuana and Cancun are equally popular.
The establishment of this airline is to disrupt the status quo, which is generally dominated by Air Canada, WestJet, Transat and Sunwing. Canada Jetline plans to operate the ultra-efficient Airbus A320 to fly on these lucrative routes.
The airline is based out of Toronto, the country’s largest city. The airline has a mission to make air travel cheap, and accessible and allow Canadaian to fly for the best value possible.
Canada Jetlines team is equipped with the most experience team, with decades worth of aviation experience, and also an efficient aircraft design which allows airfares to be as cheapest as possible.
This will also stimulate and disrupt the Canadian travel market after decades of being crowned by the traditional airlines.
The airline aims to take off this year, Jetlines will utilise the modern web booking platform and will provide a turnkey solution available to Travel Agents, Tour Operators and consumers, with the ability to generate revenue on reservations and ancillary sales.