The Hamilton, Ontario-based company has raised $350 million through a stock offering.
The 767s are slated for delivery starting this year, with the last one arriving in 2023. The 767s will cost Cargojet $200 million, while the 777s will be $75 million each. They will be delivered in late 2023 and the first half of 2024.
The company is also planning to develop a new hangar and additional infrastructure.
Demand for Cargojet’s international air cargo services has increased thanks to the reduction in bellyhold capacity caused by the reduction in passenger flights around the world. The long-haul 777s will be deployed on international routes to meet this demand for capacity.