Discovery Air Announces Completion of Rights Offering

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.