Global Crossing Airlines Inc.: Global Crossing Airlines Closes GEM Drawdown
TSXV: JET) (
GlobalX ) announces that it has completed another draw down (the
Draw Down ) under the GEM Facility in accordance with the GEM Agreement as previously disclosed (see the news release dated May 6, 2020 for further information with respect to the GEM Agreement).
Pursuant to the Draw Down, on December 18, 2020 GEM Global Yield LLC SCS was issued 158,071 common voting and variable voting shares ( Shares ) of GlobalX at a price of $0.791 per Share (the Share Price ) for gross proceeds of $125,035.74 and will be reflected as restricted cash on the balance sheet as the proceeds are to be used for airplane deposits. The Shares are subject to a statutory hold period expiring on April 19, 2021.
Global Crossing Airlines Inc.: Global Crossing Airlines Launches Its First Tour Operator, CubaX
TSXV: JET) (
Company or
GlobalX ) announces that it has formed its first tour operator under part 380 of the U.S. Department of Transportation s (DOT) regulations.
CubaX will initially apply to operate daily charter flights to Havana, Cuba from Miami International Airport and will utilize GlobalX aircraft to operate the flights, starting in 2021. The launch of CubaX is designed to allow Global Crossing to diversify its revenue streams and create demand for its charter aircraft by providing seats in the important Miami to Havana market, said Mark Salvador, Chief Marketing Officer of GlobalX.