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Early Warning Report Filed in connection with Sale by Cargojet CEO of a Portion of his Personal Holdings for Estate Planning and Charitable Giving Purposes

MISSISSAUGA, ON , Sept. 11, 2019 /CNW/ - In connection with the sale by Ajay Virmani , President and Chief Executive Officer, of 674,000 common voting shares of Cargojet Inc. ("Cargojet" or the "Corporation") (CJT.TO)  held through The Virmani Family Trust, Mr. Virmani filed an early warning report with applicable Canadian securities regulatory authorities. The sale was facilitated on the NEO Exchange by a Canadian investment dealer through a block trade arrangement.

Mr. Virmani plans to use proceeds from the sale of shares for estate planning and to fund his family foundation for charitable giving.

The sale of 674,000 common voting shares at $101 per share for aggregate proceeds of $68,074,000 , represents approximately 4.95% of the Corporation's common and variable voting shares (together, the "Voting Shares") currently issued and outstanding, on a partially diluted basis. Immediately prior to the sale of shares, Mr. Virmani owned or controlled, directly or indirectly, 1,621,115  Voting Shares, assuming the exercise, conversion or settlement of securities for Voting Shares held by him, representing 11.89% of the currently issued and outstanding Voting Shares, on a partially diluted basis. Immediately after the sale of shares, Mr. Virmani owns or controls, directly or indirectly, 947,115 Voting Shares, assuming the exercise, conversion or settlement of securities for Voting Shares held by him, representing 6.94% of the currently issued and outstanding Voting Shares, on a partially diluted basis.

SOURCE Ajay Virmani


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