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TORONTO, March 26, 2014 /CNW/ - Discovery Air Inc. (DA.A) ("Discovery Air" or the "Corporation") today announced that, in
connection with its previously announced rights offering for gross
proceeds of approximately $15,000,000 (the "Offering"), the expiry time
for the rights issued pursuant to the Offering (the "Rights") will be
extended until 5:00 p.m. (Toronto time) on April 28, 2014.
The Rights will be listed on the Toronto Stock Exchange (the "TSX")
under the symbol "DA.RT" and will be posted for trading beginning on
March 28, 2014 until 12:00 noon (Toronto time) on April 28, 2014 at
which time they will be halted from trading.
This extension is being made in order to provide holders of Rights with
additional time to exercise the Rights.
The TSX has approved the posting of the Rights on the TSX as well as the
Common Shares issuable upon the exercise of the Rights and pursuant to
the standby commitment from Clairvest Group Inc.
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. 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.
With respect to the matters described in this news release, specific
risks include the risk that the conditions precedent to Clairvest Group
Inc.'s purchase of Common Shares that are available to be purchased but
not otherwise subscribed for under the Offering are not satisfied.
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 with approximately 850 team members. Its subsidiaries
provide airborne training to the Canadian military, helicopter
operations, air ambulance services, airborne fire services, fixed-wing
air charter services, expediting and logistics support, and a range of
maintenance, repair, overhaul, modification, engineering and
Discovery Air's Class A common voting shares and unsecured convertible
debentures trade on the Toronto Stock Exchange (symbols DA.A and
SOURCE: Discovery Air Inc.
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