A B.C.-based airline and its former executive chairman have reached a settlement agreement in the form of a $100,000 voluntary payment to the B.C. Securities Commission for failing to disclose information.

Canada Jetlines Ltd. was a startup ultra-low-cost airline, with Mark Morabito, a B.C. resident, serving as a director and executive chairman, according to an Aug. 8 settlement agreement.

In September 2017, Canada Jetlines announced a letter of intent (LOI) to lease two aircraft, with plans to begin ticket sales in spring 2018 and flight operations by summer 2018.

But on Dec. 12, 2017, the aircraft vendor terminated the LOI, inevitably delaying the airline's operational launch. That action constituted a material change — a piece of information that could have a significant effect on th

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