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Cargojet Announces Closing of Over-Allotment Option for Additional Proceeds of C$15 Million in Connection With Recently Completed $350 Million Bought Deal Equity Offering

MISSISSAUGA, ON, February 5, 2021 /CNW/ - Cargojet Inc. ("Cargojet" or the "Corporation") (TSX: CJT) is pleased to announce the successful closing of the issue and sale of an additional 71,500 common voting shares (“Common Voting Shares”) and/or variable voting shares (“Variable Voting Shares” and, together with the Common Voting Shares, the “Shares”) of Cargojet at a price of C$213.25 per Share (the "Offering Price") for aggregate gross proceeds to Cargojet of C$15,247,375 pursuant to the partial exercise of the over-allotment option granted to the syndicate of underwriters, co-led by Scotiabank, CIBC Capital Markets, RBC Capital Markets, J.P. Morgan Securities Canada Inc., Morgan Stanley Canada Limited and BMO Capital Markets, in connection with the Corporation’s recently completed $350 million bought deal equity offering (the "Offering").

Together with the Shares issued on February 1, 2021, Cargojet will have issued a total of 1,713,500 Shares pursuant to the Offering for aggregate gross proceeds to Cargojet of C$365,403,875.

The Offering was made pursuant to a final short form prospectus dated January 25, 2021 (the “Prospectus”), and the Shares are traded on the Toronto Stock Exchange under the symbol "CJT”. As further described in the Prospectus, the Company intends to apply the net proceeds of the Offering to purchase freighter aircraft, expand domestic capacities and facilities, pursue U.S. and international growth strategy and repay indebtedness.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities issued pursuant to the Offering have not been, and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or under any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.

About Cargojet

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 27 Cargo aircraft.

For further information, please contact:

Pauline Dhillon
Chief Corporate Officer
Tel: (905) 501 7373
pdhillon@cargojet.com

Notice on Forward-Looking Statements:
Certain statements contained herein, including statements related to the completion of the Offering and use of net proceeds of the Offering, constitute “forward-looking statements”. Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as “plans”, “intends”, “anticipates”, “should”, “estimates”, “expects”, “believes”, “indicates”, “targeting”, “suggests” and similar expressions. These forward-looking statements are based on current expectations and entail various risks and uncertainties. Reference should be made to the issuer’s public filings available at www.sedar.com and at www.cargojet.com, including its most recent Annual Information Form filed with the Canadian securities regulators, its most recent Consolidated Financial Statements and Notes thereto and related Management’s Discussion and Analysis (MD&A), and the short form prospectus to be filed in connection with the Offering, for a summary of material risks. These risks are not intended to represent a complete list of the risks that could affect the issuer; however, these risks should be considered carefully. Actual results may materially differ from expectations, if known and unknown risks or uncertainties affect our business, or if our estimates or assumptions prove inaccurate. The forward-looking statements contained herein describe the issuer’s expectations at the date of this news release and, accordingly, are subject to change after such date. The issuer assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason, other than as required by applicable securities laws. In the event the issuer does update any forward-looking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement. Readers are cautioned not to place undue reliance on these forward-looking statements.