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David H. Brett, CEO, Inovent Capital Inc. (Inovent) wishes to provide an update in respect of its proposed qualifying transaction with Canada Jetlines Ltd. (Jetlines) as announced on July 2, 2014. Inovent is pleased to announce that Jetlines has completed its previously announced bridge financing, raising gross proceeds of $896,194.
Inovent and Jetlines have previously entered into a letter of intent (“LOI”) pursuant to which the parties have agreed to negotiate the terms of a business combination transaction (the Proposed Transaction). Inovent is a TSX Venture Exchange capital pool company. Jetlines is a start-up airline aiming to become Canada’s first ultra-low cost carrier.
In addition, Inovent wishes to provide the following further updates in respect of the Proposed Transaction:
- The exclusivity period and the periods for completing definitive transaction documents and due diligence have been extended from Aug. 29, 2014 to Sept. 12, 2014;
- Inovent, having received TSXV acceptance, has advanced to Jetlines a secured refundable deposit of $120,000;
- Jetlines has engaged Euro Pacific Canada as its exclusive advisor for the Proposed Transaction;
- Mr. William Lee has resigned as a director of Jetlines; and
- The TSXV has agreed to waive its sponsorship requirement in respect of the Proposed Transaction.
