Another good sign !Air Canada Announces Partial Exercise of Over-Allotment Option in Share Offering DO NOT BROADCAST ON US NEWSWIRE OR DISTRIBUTE IN THE UNITED STATES
MONTREAL, Jan. 18, 2021 (GLOBE NEWSWIRE) - Air Canada (TSX: AC) (the “Company”) today announced that, in connection with its previously announced marketed and traded public placement of 35,420,000 Class A variable voting shares and / or Class B voting shares of the Company (the “Shares”) completed on December 30, 2020 (the “Placement”), the underwriters exercised their over-allotment option allowing them to purchase 2,587,000 additional shares at a price of C $ 24.00 per share. As a result of the sale of these additional shares which took place today, the aggregate gross proceeds of the offering are approximately C $ 912 million.
TD Securities Inc., JP Morgan Securities Canada Inc., Citigroup Canada World Markets Inc. and Morgan Stanley Canada Limited are the joint active leaders of the offering.
The Company uses the net proceeds of the Offering for its working capital and general purposes. The net proceeds of the offering are also used to increase Air Canada's liquidity, which provides it with greater flexibility from an operational standpoint and in connection with the planned implementation of its mitigation and recovery measures in the future. response to the COVID-19 pandemic.
Only my O !