Delivering regional aviation to the world
/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/
HALIFAX, March 13, 2018 /CNW/ - Chorus Aviation Inc. ('Chorus') (TSX: CHR) announced today that it has completed its previously announced bought deal public offering of 11,628,000 common shares of Chorus, which, for greater certainty, means for Canadian investors, Class B Voting Shares of Chorus, and for non-Canadian investors, Class A Variable Voting Shares of Chorus (collectively, the 'Shares') at $8.60 per Share for gross proceeds $100,000,800. RBC Capital Markets and CIBC Capital Markets acted as joint bookrunners for the offering with a syndicate that included Scotia Capital Inc., National Bank Financial Inc., TD Securities Inc., Cormark Securities Inc., Canaccord Genuity Corp. and Paradigm Capital Inc.
The underwriters have the option to purchase up to an additional 1,744,200 Shares at $8.60 per Share to cover over-allotments, if any, and for market stabilization purposes, during the 30 days following the closing of the offering (the 'Over-Allotment Option'). The exercise of the Over-Allotment Option may result in additional gross proceeds of up to $15,000,120.
The net proceeds of the offering will be used to fund the growth of Chorus Aviation Capital, Chorus' aircraft leasing business, including the acquisition of aircraft intended for or currently on lease to third parties, as well as for working capital requirements and other general corporate purposes.
This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer, solicitation or sale of the securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful. The Shares have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act of 1933 and other applicable securities laws.
Headquartered in Halifax, Nova Scotia, Chorus was incorporated on September 27, 2010. Chorus' vision is to deliver regional aviation to the world. Chorus has been leasing its owned regional aircraft into Jazz's Air Canada Express operation since 2009, and established Chorus Aviation Capital to become a leading, global provider of regional aircraft leases and support services. Chorus also owns Jazz Aviation and Voyageur Aviation – companies that have long histories of safe and solid operations that deliver excellent customer service in the areas of contract flying operations, engineering, fleet management, and maintenance, repair and overhaul. Chorus Class A Variable Voting Shares and Class B Voting Shares trade on the Toronto Stock Exchange under the trading symbol 'CHR'. www.chorusaviation.ca
This news release contains 'forward-looking information' as defined under applicable Canadian securities legislation. Forward-looking information is identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "potential", "project", "will", "would", and similar terms and phrases, including references to assumptions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed in the forward-looking information. Examples of statements containing forward-looking information in this news release include the anticipated use of proceeds, the exercise of the Over-Allotment Option and the proceeds upon exercise of the Over-Allotment Option. Results indicated in forward-looking information may differ materially from actual results for a number of reasons, including those described in Chorus' Annual Information Form dated February 14, 2018 and Management's Discussion and Analysis of Results of Operations and Financial Condition dated February 14, 2018. Statements containing forward-looking information in this news release are made as of the date of this news release and Chorus does not undertake any obligation to publicly update such statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws.
SOURCE Chorus Aviation Inc.
For further information: Chorus Media Contacts: Manon Stuart, Halifax, Nova Scotia, (902) 873-5054, firstname.lastname@example.org; Debra Williams, Toronto, Ontario, (905) 671-7769, email@example.com; Analyst Contact: Nathalie Megann, Halifax, Nova Scotia, (902) 873-5094, firstname.lastname@example.org
Headquartered in Halifax, Nova Scotia, Chorus was incorporated on September 27, 2010. Chorus' vision is to deliver regional aviation to the world. Chorus has been leasing its owned regional aircraft into Jazz's Air Canada Express operation since 2009, and established Chorus Aviation Capital to become a leading, global provider of regional aircraft leases and support services. Chorus also owns...