Global Crossing Airlines Group, Inc. (NEO:JET) (OTCQB:JETMF), a provider of passenger aircraft to customers through aircraft operating service agreements which includes crew, maintenance, and insurance along with charter services, serving the US, Caribbean and Latin American markets, has secured an up to US$5.0 million loan with a key long-term investor to provide working capital and additional liquidity to support GlobalX’s rapidly growing operations.
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Global Crossing Airlines Group, Inc. (NEO:JET) (OTCQB:JETMF), a provider of passenger aircraft to customers through aircraft operating service agreements which includes crew, maintenance, and insurance along with charter services, serving the US, Caribbean and Latin American markets, has secured an up to US$5.0 million loan with a key long-term investor to provide working capital and additional liquidity to support GlobalX’s rapidly growing operations.
Ed Wegel, Chair and CEO, stated: “GlobalX is fortunate to have a committed group of investors who continue to fund and support the expansion of our operating fleet. We took possession Tuesday, January 26 th our first freighter and expect to take delivery of an additional three aircrafts over the next 45 days, and this facility will give us the flexibility needed to continue our investments in crews, aircraft and operating systems required to deliver our targeted 2023 revenue.”
The company’s newly acquired Airbus A321P2F, with the largest usable cargo volume of its category and generation, features a capacity of 14 upper deck and 10 lower deck containers, which is 55% more containerized volume than the Boeing 737-800 freighter and 14% more containerized volume than the Boeing 757-200 freighter.
It is the most efficient single-aisle freighter available today, boasting an estimated 19% lower fuel burn than the Boeing 757-200 freighter.
The capacity and fuel economy of the aircraft is poised to position the A321 freighter as the dominant player in the narrowbody cargo market.
The loan, a six-month facility, will be funded in two tranches of $2.5 million each, with the first tranche to be advanced within one business day and the second tranche advanced after the company delivers a draw down notice, subject to the lender receiving internal approval for the second tranche.
The loan, which is unsecured, not convertible, and with no warrants, has an interest rate of 20% per annum, accruing monthly and payable upon maturity, will be used to further the business objectives of the company and to secure additional passenger and freighter Aircraft for charter operations that are expected to be delivered in Q1 2023.
The shares are trading at $1.20.
For more information, please visit the company’s website, www.GlobalXAir.com, contact Ryan Goepel, CFO, at 786—751-8503 or email ryan.goepel@GlobalXAir.com.
