Regional Express Airlines (REX) says it will push ahead with plans to launch flights on the lucrative routes between Sydney, Melbourne and Brisbane as a direct competitor to Qantas, Jetstar and Virgin Australia.

The ASX-listed airline said on 29th June it would raise $30 million either by selling and leasing back aircraft, from an equity injection or by issuing convertible notes to execute on the idea it first floated in May.

Rex - which services about 60 regional destinations with a fleet of 60 ageing Saab 340 turbo propeller aircraft - said it would use the cash to establish an initial fleet of five to 10 jet aircraft based in either Sydney or Melbourne to service the lucrative "golden triangle" between Australia’s three largest cities from March 1 next year.

Read the original story here.