Volatus Aerospace Corp. announced a non-brokered private placement of CAD 1,000 principal amount of unsecured non-convertible debentures for gross proceeds of up to CAD 980,000 through the issuance of up to 1,000 Debentures at a price of CAD 980 per debenture in one or more tranches on May 21, 2024. The debentures shall have a maturity date of 12 months from the date of issuance and will bear an initial interest rate of 15.0% per annum if the Debentures remain outstanding for 7 months or less.

If the debentures remain outstanding longer than 7 months, beginning with month 8, the annualized initial interest rate shall increase by 1.0% each month until maturity, at which point the maximum annualized interest rate will be 20.0%. The debentures are redeemable, in whole or in part, at any time. .

All securities issued pursuant to the Offering are subject to a statutory four month plus a day hold period from the date of issuance as required by applicable securities laws. The offering is expected to close on or about May 22, 2024.