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Global Crossing Airlines Inc. (GlobalX) announced that it estimates the delivery of its first A321F, as part of the Vallair LOI announced Oct. 20, 2020, will be June 2021. In addition to this delivery, GlobalX is close to finalizing the leases for its first two previously announced passenger aircraft expected to be delivered in December 2020 and January 2021. To help fund the deposits on these two planes, GlobalX has completed another draw down under the GEM Facility in accordance with the GEM Agreement as previously disclosed.
Pursuant to the Draw Down, on Nov. 24, 2020 GEM Global Yield LLC SCS was issued 138,000 common voting and variable voting shares of GlobalX at a price of $0.8442 per share for gross proceeds of $116,499.60 and will be reflected as restricted cash on the balance sheet.
Ryan Goepel EVP and CFO of GlobalX stated, “We are happy to continue to work with GEM as they continue to support our progress. The true benefit of working with our GEM facility is that it allows us to draw the amounts needed at the right time to fund our certification and aircraft acquisitions.”