FlyToo, previously known as Jet Naked, is a proposed Canadian ultra low-cost carrier that plans to operate an initial fleet of three Boeing 737 family aircraft on services throughout North America from its proposed hub at Calgary International Airport. The start-up has a leadership team with management experience at WestJet and Spirit Airlines, among others. FlyToo intends to offer fares up to 60% lower than competitors, Air Canada and WestJet. The carrier hopes to raise up to USD50 million through private equity financing for the project and forecasts revenues of USD120 million in its first year of operations. A subsidiary of Enerjet, FlyToo was expected to commence operations in 2016. Jet Metal Corp filed its final prospectus Canadian securities regulatory authorities in connection with a proposed offering of subscription receipts. The offering is expected to close on or around 14-Feb-2017, with the merger intended to close by 28-Feb-2017.
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