VANCOUVER, BC–(Marketwired – February 14, 2017) –
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO U.S. NEWSWIRE SERVICES
Jet Metal Corp. (TSX VENTURE: JET) (the “Company” or “Jet Metal“) is pleased to announce that further to its press release of January 31, 2017, it has completed a public offering pursuant to which it has sold an aggregate of 22,778,700 subscription receipts (each, a “Subscription Receipt“) at a price of $0.30 per Subscription Receipt (the “Offering Price“) for gross proceeds of $6,833,610.00 (the “Offering“). As previously announced, Mackie Research Capital Corporation (the “Lead Agent“), together with Haywood Securities Inc., PI Financial Corp. and Echelon Wealth Partners Inc. (together with Lead Agent, the “Agents“) acted as agents in respect of the Offering. With the closing of the Offering, all material conditions to the business combination of Canada Jetlines Ltd. (“Jetlines“) and Jet Metal (the “Transaction“) have been satisfied. Jet Metal and Jetlines intend to close the Transaction on or around February 28, 2017.
Subscription Receipt Offering
Each Subscription Receipt will entitle the holder thereof to receive, without payment of additional consideration or further action on the part of the holder, one unit of the Company (each a “Unit” and collectively the “Units“), upon receipt by the escrow agent, prior to the date that is 180 days from the closing of the Offering (the “Deadline“) of a release notice from the Company and Jetlines, and acknowledged by the Lead Agent on behalf of the Agents, confirming that: (a) all of the conditions precedent to the closing of the Transaction have been satisfied or waived to the satisfaction of the Company and Jetlines, (b) except as consented to in writing by the Lead Agent on behalf of the Agents, no material provision of the amalgamation agreement dated April 12, 2016 (the “Amalgamation Agreement“) between the Company and Jetlines has been amended by the parties thereto, and (c) neither the Company nor Jetlines is in material breach or default of the Agency Agreement (the “Release Notice“).