Plans to launch a new Vancouver-based low-cost carrier are well underway, according to a news release posted on the new Canada Jetlines website.
As of Sept. 15, Canada Jetlines Ltd. Inovent Capital Inc. signed a definitive amalgamation agreement whereby the parties have agreed to amalgamate to form an amalgamated corporation called Amalco.
The directors and officers of Inovent, as well as certain significant shareholders of Jetlines, collectively holding approximately 42 per cent of the outstanding shares of Inovent and approximately 25.8 per cent of the outstanding shares of Jetlines, have entered into voting agreements under which they agree to vote in favour of the Transaction.
The completion of the Transaction is conditional upon approval of the shareholders of Inovent of the continuation of Inovent from the jurisdiction of British Columbia to the federal jurisdiction of Canada; approval of the shareholders of each of Inovent and Jetlines in respect of the Transaction; completion of a financing of not less than $10 million; conditional approval of the TSXV; and receipt of all other necessary regulatory approvals.
Upon completion of the Transaction, the name of Amalco will be "Canada Jetlines Ltd.". The directors of Amalco are expected to be Jim Scott, Dixon Lawson, David Solloway, Sid Fattedad, Claude Morinand and David Brett.
The officers of Amalco are expected to be Jim Scott, Chief Executive Officer, Rick Low, Chief Financial Officer, Dixon Lawson, Chief Administrative Officer, David Solloway, President and Chief Commercial Officer, and Rick Lang, Chief Operating Officer.
The Transaction is expected to be completed in Nov. 2014 or such later date as the parties may agree.
For more information, go to jetlines.ca.