Discovery Air Announces Completion of Rights Offering

/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO ANY UNITED STATES NEWSWIRE SERVICES OR OTHERWISE FOR DISTRIBUTION IN THE UNITED STATES./

TORONTO, March 13, 2015 /CNW/ - Discovery Air Inc. (DA.A) ("Discovery Air" or the "Corporation") announced today the completion of its rights offering (the "Offering") which was first announced on January 19, 2015. A total of 50,000,000 Class A common voting shares (the "Class A Shares") and no Class B common variable voting shares (the "Class B Shares", and together with the Class A Shares, the "Common Shares") were issued at a price of $0.22 per Common Share for aggregate gross proceeds of $11,000,000.

In aggregate, 46,267,443 Class A Shares were issued to certain funds and co-investors of Clairvest Group Inc. ("Clairvest") for gross proceeds of $10,178,837. As a result of the Offering, Clairvest now owns, or exercises control or direction over, approximately 61,881,869 Common Shares representing approximately 75.5% of the aggregate number of issued and outstanding Common Shares. Prior to the Offering, Clairvest owned, or exercised control or direction over, 15,614,426 Common Shares, representing approximately 48.8% of the then issued and outstanding Common Shares.

The net proceeds of the Offering will be used by Discovery Air to fund discretionary growth initiatives and working capital and, for partial repayment of the Corporation's secured debentures. A copy of the Corporation's short form prospectus for the Offering dated January 30, 2015 (the "Prospectus") can be found on SEDAR at www.sedar.com.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor will there be any offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification of the securities under the securities laws of such jurisdiction.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This news release includes forward-looking statements (as defined in applicable securities laws) regarding Discovery Air and/or its subsidiaries, the Offering and the Corporation's proposed use of proceeds. Forward-looking statements by definition are based on assumptions and, as a result, are subject to risks and uncertainties. As a result of such risks and uncertainties, actual results may differ materially from those discussed in forward-looking statements, and readers should not place undue reliance on such statements. For a more detailed discussion of forward-looking statements and the risks associated therewith, please refer to the Prospectus under the heading "Note Regarding Forward-Looking Statements."

Forward-looking statements represent expectations as of the date they are made, and Discovery Air disclaims any intention or obligation to update or revise any forward-looking statements it may make, whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

ABOUT DISCOVERY AIR AND ITS SUBSIDIARIES

Discovery Air is a Canadian specialty aviation company operating over 160 aircraft and employing 850 team members in every region of Canada. Its subsidiaries provide contracted air training services, helicopter operations, medevac equipped aircraft services, airborne fire services, fixed-wing air charter services, expediting and logistics support, and a range of maintenance, repair, overhaul, modification, engineering and certification services.

Discovery Air's Class A common voting shares and unsecured convertible debentures trade on the TSX (symbols DA.A and DA.DB.A, respectively).

A copy of the Early Warning Report pursuant to NI 62-103 required to be filed with the applicable securities commissions in connection with Clairvest's acquisition of Common Shares may be obtained from Clairvest at the following contact:

Maria Klyuev
Director, Investor Relations and Marketing Clairvest Group Inc.
mariak@clairvest.com 
Tel: (416) 925-9270
Fax: (416) 925-5753

SOURCE Discovery Air Inc.

For further information: please contact: Sheila Venman, Investor Relations, sheila.venman@discoveryair.com, (866) 903-3247


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