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Global Crossing Airlines (TSXV:JET) signs cooperation agreement with Estelar Airlines
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  • Global Crossing Airlines Group (JET) has received US$10 million in financing from Ascent Global Logistics
  • Ascent is a logistics, transportation and supply chain solutions provider
  • Global Crossing will use the net proceeds to acquire additional A320 family aircraft and to prepare for cargo charter operations later in 2021
  • In connection with the offering, Ascent will have the right to nominate two directors to the company's Board of Directors
  • Global Crossing Airlines Group intends to offer charters to the U.S., Caribbean and Latin American markets
  • Global Crossing (JET) is up by 18.29 per cent and is currently trading at C$2.07 per share

Global Crossing Airlines Group (JET) has received US$10 million in financing from Ascent Global Logistics.

Ascent is a logistics, transportation and supply chain solutions provider. It operates the largest domestic expedited air charter operation in North America, as well as USA Jet and Rambler Air, U.S. airlines with more than 30 aircraft in their combined fleets.

Ascent will purchase 2 million units at US$1.29 per unit for gross proceeds of US$2,580,000.

Each unit is comprised of one Global Crossing common share and one common share purchase warrant.

Each warrant entitles the holder to purchase one Global Crossing common share for US$1.50 for 60 months following the closing date.

Ascent will also purchase 5,537,313 units at US$1.34 per unit for gross proceeds of US$7,419,999.42.

Each unit is comprised of one non-voting Class A Global Crossing common share and one common share purchase warrant.

Each warrant entitles the holder to acquire one non-voting Class A common share with terms and conditions identical to the warrant described above.

The company will use the net proceeds to acquire additional A320 family aircraft and to prepare for cargo charter operations later in 2021.

In connection with the offering, Ascent will have the right to nominate two directors to the company's Board of Directors.

Ed Wegel, Chair and CEO of Global Crossing, commented,

"We are delighted to welcome Ascent to our investor group. Their investment signals their strong confidence in the management team and our strategic plan."

Chris Jamroz, Ascent's Executive Chairman, added,

"We evaluated entering the charter air market on our own and realized we were much better off partnering with GlobalX instead. This is the team to back and the time to do so."

Global Crossing Airlines Group intends to fly as an ACMI and wet lease charter airline serving U.S., Caribbean and Latin American markets.

Global Crossing (JET) is up by 18.29 per cent and is currently trading at C$2.07 per share as of 11:47 am ET.

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