Chorus Announces Renewal of Normal Course Issuer Bid

HALIFAX, NS, Nov. 6, 2024 /CNW/ - Chorus Aviation Inc. (TSX: CHR) ("Chorus") announced today that it has received approval from the Toronto Stock Exchange (the "TSX") respecting the renewal of its Normal Course Issuer Bid ("NCIB" or the "bid"). Pursuant to the documentation filed with the TSX, Chorus may purchase for cancellation up to a maximum of 14,826,478 of its Class A Variable Voting Shares and/or Class B Voting Shares (collectively, the "Shares"), representing 10% of the public float of the Shares as of November 4, 2024, calculated in accordance with TSX rules.

The directors and management of Chorus believe that the purchase of Shares for cancellation during the period of the bid may be an appropriate and desirable use of Chorus' funds that is in the best interests of Chorus and beneficial to its shareholders. Chorus intends to make purchases on an opportunistic basis, taking Share price and other considerations into account.

As of November 4, 2024, Chorus had 191,108,856 Shares issued and outstanding, of which 148,264,785 Shares constitute the total public float of the Shares. Purchases made pursuant to the bid will be made in the open market through the facilities of the TSX and/or alternative Canadian trading systems at the market price at the time of the purchases in accordance with the rules of the TSX and applicable securities laws. On any trading day, Chorus will not purchase more than 82,857 Shares, representing 25% of the average daily trading volume for the six months ended October 31, 2024 (being 331,431 Shares), except where such purchases are made in accordance with the block purchase exemptions under the TSX rules. Purchases under the renewed NCIB may commence on November 14, 2024 and will conclude on the earlier of the date on which Chorus has purchased the maximum number of Shares permitted under the NCIB and November 13, 2025.

In connection with the renewal of the NCIB, Chorus has established an automatic securities purchase plan (the "Plan") with its designated broker to allow for the purchase of Shares during trading blackout periods, subject to certain parameters such as price and number of Shares. Outside of blackout periods, Shares may also be repurchased in accordance with management's discretion, subject to applicable law. Chorus may vary, suspend or terminate the Plan only if it does not have material non-public information when the decision is made. The Plan constitutes an "automatic plan" for purposes of applicable Canadian securities legislation and has been reviewed by the TSX.

The renewal of the NCIB will follow on the conclusion of Chorus' current NCIB that expires on November 13, 2024. Under the current NCIB, Chorus is authorized to purchase up to 15,160,372 Shares for cancellation. From November 14, 2023 to November 4, 2024, Chorus purchased 2,796,265 Shares through the facilities of the TSX and alternative trading systems at a weighted average price of $2.13 per Share.

There can be no assurance as to how many Shares, if any, will be acquired by Chorus pursuant to the renewed NCIB. Shares purchased by Chorus pursuant to the NCIB will be cancelled.

Forward-Looking Information

This news release contains forward-looking information and statements within the meaning of applicable securities laws (collectively, "forward-looking information"). Such forward-looking information relates to, among other things, statements concerning future purchases of Shares pursuant to the NCIB. Forward-looking information may be identified by the use of terms and phrases such as "anticipate", "believe", "can", "could", "estimate", "expect", "future", "intend", "make", "may", "plan", "potential", "predict", "project", "will", "would", and similar terms and phrases, including negative versions thereof and other similar expressions. 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 indicated in the forward-looking information. Actual results could differ materially from those described in forward-looking information due to known or unknown risks, including, but not limited to, the risk factors described in Chorus' public disclosure record available under Chorus' profile on SEDAR+ at www.sedarplus.ca.

The forward-looking information contained in this news release represents Chorus' expectations as of the date of this news release (or as of the date they are otherwise stated to be made) and is subject to change after such date. Chorus disclaims any intention or obligation to update or revise any forward-looking information as a result of new information, subsequent events or otherwise, except as required by applicable securities laws. Readers are cautioned that the foregoing factors and risks are not exhaustive.

About Chorus Aviation Inc.

Chorus is a global aviation solutions provider and asset manager, focused on regional aviation. Our current principal subsidiaries are: Falko Regional Aircraft, the leading pure play regional aircraft asset manager and lessor, managing investments on behalf of third-party fund investors; Jazz Aviation, the largest regional operator in Canada and provider of regional air services under the Air Canada Express brand; Voyageur Aviation, a leading provider of specialty charter, aircraft modifications, parts provisioning and in-service support services; and Cygnet Aviation Academy, an industry leading accredited training academy preparing pilots for direct entry into airlines. Together, Chorus' subsidiaries provide services that encompass every stage of a regional aircraft's lifecycle, including: aircraft acquisition and leasing; aircraft refurbishment, engineering, modification, repurposing and transition; contract flying; aircraft and component maintenance, disassembly, and parts provisioning; and pilot training.

Chorus Class A Variable Voting Shares and Class B Voting Shares trade on the Toronto Stock Exchange under the trading symbol 'CHR'. Chorus 5.75% Senior Unsecured Debentures due December 31, 2024, 6.00% Convertible Senior Unsecured Debentures due June 30, 2026, and 5.75% Senior Unsecured Debentures due June 30, 2027 trade on the Toronto Stock Exchange under the trading symbols 'CHR.DB.A', 'CHR.DB.B', and 'CHR.DB.C' respectively. For further information on Chorus, please visit www.chorusaviation.com.

SOURCE Chorus Aviation Inc.

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