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.
Global Crossing Airlines Inc.: Global Crossing Airlines Signs Operating Lease Agreement for Second Airbus A320 Family Aircraft
TSXV: JET) (
OTCQB: JETMF) (
GlobalX ) is pleased to announce the signing of an operating lease agreement for its second aircraft, GlobalX s first Airbus A320-200 (the Aircraft ), with Dubai Aerospace Enterprise ( DAE ).
The Aircraft, a 2005 vintage, is scheduled to be delivered to GlobalX in late December, 2020. Delivery will occur after routine inspection/acceptance flights and completion of the painting of the Aircraft in GlobalX livery. The painting slot has been reserved at IAC in Amarillo, Texas.
The Aircraft was specifically selected by GlobalX to initiate its services to Latin America (subject to governmental approvals) and was previously operated by a major US airline which allows for a more efficient FAA conformity and entry into service.