VANCOUVER — Don’t count Canada Jetlines out yet.

The would-be ultra low-cost carrier has provided an update on recent corporate developments related to aircraft acquisition, and a possible start-up date.

Back in March the company announced it was delaying its June 2018 launch, saying it wouldn’t have a new launch date confirmed until the second quarter of 2018.

With this latest update, Jetlines says it concluded a term sheet on April 23 to lease two Airbus A320 aircraft and made a deposit payment of US$876,000.

The company says the term sheet is subject to executing a definitive lease agreement and other conditions.

Once a definitive lease agreement is concluded for these aircraft, Canada Jetlines says it “will be able to provide new guidance to the market on its projected start-up date and aircraft delivery schedule.”

The company said it is targeting the conclusion of a definitive lease agreement before the end of Q2 2018.

“In the interim Jetlines continues to advance its efforts with personnel recruitment, airport agreements, the licensing process and the financing plan.”

If Canada Jetlines does get off the ground it faces competition from Flair Airlines, already operating with several gateways across Canada, and WestJet’s Swoop, scheduled to launch June 20.