DISCOVERY AIR ANNOUNCES AGREEMENT TO ISSUE $70 MILLION OF SECURED CONVERTIBLE DEBENTURES

Discovery Air, a specialty aviation services company operating across Canada and in select locations internationally, has announced it has entered into an agreement to complete a private placement of an aggregate of C$70,000,000 principal amount of secured convertible debentures. Net proceeds of the transaction will be used to repay existing debt. The Debentures will be issued to Clairvest Group Inc. and certain of its affiliates. Collectively known as Clairvest, it owns, directly and indirectly, 595,207 Common Shares of Discovery Air, representing less than 0.5% of the Corporation’s issued and outstanding Common Shares. Upon closing of the Private Placement, and before