Jet Metal Announces Filing of Preliminary Prospectus and Provides Canada Jetlines Transaction Update

VANCOUVER, BC--(Marketwired - November 25, 2016) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO U.S. NEWSWIRE SERVICES

Jet Metal Corp. (TSX VENTURE: JET) (the "Company" or "Jet Metal") is pleased to announce that it has filed a preliminary short form prospectus dated November 25, 2016 in the each of the provinces and territories of Canada (except Québec and Nunavut) in connection with a proposed offering of subscription receipts of the Company (each, a "Subscription Receipt") to raise gross proceeds of a minimum of $6 million and a maximum of $10 million (the "Offering"). The Company is also pleased to provide an update with respect to the business combination of Canada Jetlines Ltd. ("Jetlines") and Jet Metal (the "Transaction") detailed in the news releases by the Company on February 17, 2016, April 13, 2016, June 16, 2016 and November 3, 2016.

Subscription Receipt Offering

The Offering will consist of a minimum of 20,000,000 and a maximum of up to 33,333,333 (the "Maximum Offering") Subscription Receipts at a price of $0.30 per Subscription Receipt (the "Offering Price"), for gross proceeds of a minimum of $6 million and a maximum of up to $10 million. Jet Metal has entered into an engagement letter with Mackie Research Capital Corporation (the "Lead Agent") in respect of the Offering, which will be superseded by an agency agreement with respect to the Offering (the "Agency Agreement"). Mackie, together with Haywood Securities Inc., PI Financial Corp. and Echelon Wealth Partners Inc. (together with the Lead Agent, the "Agents") will offer the Subscription Receipts for sale on a best efforts, agency basis.

Each Subscription Receipt will entitle the holder thereof to receive, without payment of additional consideration or further action on the part of the holder, one unit of the Company (each a "Unit" and collectively the "Units"), upon receipt by the escrow agent, prior to the date that is 180 days from the closing of the Offering (the "Deadline") of a release notice from the Company and Jetlines, and acknowledged by the Lead Agent on behalf of the Agents, confirming that: (a) all of the conditions precedent to the closing of the Transaction have been satisfied or waived to the satisfaction of the Company and Jetlines, (b) except as consented to in writing by the Lead Agent on behalf of the Agents, no material provision of the amalgamation agreement dated April 12, 2016 (the "Amalgamation Agreement") between the Company and Jetlines has been amended by the parties thereto, and (c) neither the Company nor Jetlines is in material breach or default of the Agency Agreement (the "Release Notice").