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Global Crossing Airlines estimates delivery of first cargo aircraft in June 2021

25 November 2020; Miami, Florida, USA

Global Crossing Airlines Inc. (the “Company” or “GlobalX”) is estimates the delivery of its first A321F, as part of the Vallair LOI announced October 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 (the “Draw Down”) under the GEM Facility in accordance with the GEM Agreement as previously disclosed. (See the news release dated May 6, 2020 for further information with respect to the GEM Agreement.)

Pursuant to the Draw Down, on November 24, 2020 GEM Global Yield LLC SCS was issued 138,000 common voting and variable voting shares (“Shares”) of GlobalX at a price of $0.8442 per Share (the “Share Price”) 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.”

Source: GlobalX

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