Mr. Percy Gyara reports

CANADA JETLINES (CBOE CA: CJET) ANNOUNCES CLOSING OF THIRD AND FINAL TRANCHE OF $13.5 MILLION EQUITY FINANCING

Canada Jetlines Operations Ltd. has closed on the final $7,466,688 in proceeds from its non-brokered private placement with a single arm's-length investor and has now raised a total of $13,500,001. The offering consists of common shares issued at 17.21252 cents per share. The investor is Jetstream Aviation Inc., which is a Canadian corporation.

The closing of the additional proceeds of the offering resulted in the investor purchasing 43,379,402 shares, for an aggregate purchase price of $7,466,688. As a result of the closing of the additional proceeds of the offering, the investor now holds 78,431,287 shares equal to approximately 50 per cent of the issued and outstanding shares of the company. The shares issued in the second tranche of the offering are subject to a hold period that expires on May 24, 2024.

As part of the transaction, the investor has the right to nominate two directors to the board of directors of the company. At this time Gurdev Singh has been elected to the board of directors of the company.

The company intends to use the net proceeds of the offering for aircraft acquisition, and general corporate and working capital purposes. No brokerage commissions or finder's fees are payable in connection with the offering.

About Canada Jetlines Operations Ltd.

Canada Jetlines is a Canadian leisure airline committed to providing an exciting travel experience to its passengers. With a growing network of destinations, Canada Jetlines is dedicated to connecting Canadians with some of the world's most captivating and sought-after locations.

We seek Safe Harbor.