Company Announcements

Chorus Aviation Announces Normal Course Issuer Bid

HALIFAX, NS , Nov. 9, 2022 /CNW/ - Chorus Aviation Inc. ("Chorus") (TSX: CHR) today announced that the Toronto Stock Exchange (the "TSX") has accepted its notice to make a normal course issuer bid (the "NCIB" or "bid") to purchase for cancellation up to a maximum of 15,928,236 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 7, 2022, calculated in accordance with the TSX rules.

The directors and management of Chorus believe that the market price of the Shares during the period of the bid may not, from time to time, fully reflect their value, and as such, the purchase of Shares by Chorus for cancellation would be in the best interests of Chorus and an appropriate use of corporate funds in light of potential benefits to remaining shareholders.

As of November 7, 2022, Chorus had 203,050,988 Shares issued and outstanding, of which 159,282,363 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 98,384 Shares, representing 25% of the average daily trading volume for the six months ended October 31, 2022 (being 393,539 Shares), except where such purchases are made in accordance with the block purchase exemptions under the TSX rules. Purchases may commence on November 14, 2022 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, 2023.

In connection with the NCIB, Chorus has established an automatic securities purchase plan (the "Plan") with its designated broker to allow for the purchase of Shares. Chorus' designated broker may purchase Shares under the Plan on any trading day during the NCIB during pre-determined trading blackout periods, subject to certain parameters as to price and number of shares. The Plan will commence immediately and terminate when the NCIB terminates, unless terminated earlier in accordance with the terms of the Plan. Outside of these pre-determined 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, and the decision to vary, suspend or terminate the Plan is not taken during a pre-determined trading blackout period. The Plan constitutes an "automatic plan" for purposes of applicable Canadian securities legislation and has been reviewed by the TSX.

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

Chorus has not purchased any Shares during the previous 12-month period pursuant to any issuer bid.

About Chorus Aviation Inc.

Chorus' vision is to deliver regional aviation to the world. Headquartered in Halifax, Nova Scotia, Chorus is an integrated provider of regional aviation solutions, including asset management services. Its principal subsidiaries are: Falko Regional Aircraft, the world's largest asset manager and aircraft lessor focused solely on the regional aircraft leasing segment; Jazz Aviation, the sole provider of regional air services under the Air Canada Express brand; and Voyageur Aviation, a provider of specialty air charter, aircraft modification, and parts provisioning services to regional aviation customers around the world.  Together, Chorus' subsidiaries provide support 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.

Chorus Class A Variable Voting Shares and Class B Voting Shares trade on the Toronto Stock Exchange under the trading symbol 'CHR'. Chorus 6.00% Senior Debentures due December 31, 2024, 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', 'CHR.DB.A', 'CHR.DB.B', and 'CHR.DB.C' respectively.  www.chorusaviation.com

Forward-looking information

This news release contains 'forward-looking information'. Such forward-looking information relates to, among other things, statements concerning the NCIB and future purchases of Shares pursuant to the NCIB. 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 indicated in the forward-looking information. Actual results may differ materially from results indicated in forward-looking information for a number of reasons, including the factors identified in Chorus' public disclosure record available at www.sedar.com and the risk factors identified in Chorus' Annual Information Form dated February 16, 2022 (as updated by the risk factors identified in Chorus' Management's Discussion and Analysis of Operations and Financial Condition dated May 5, 2022). Statements containing forward-looking information represent Chorus' expectations as of the date made (or as of the date they are otherwise stated to be made) and are subject to change after such date. Chorus disclaims any intention or obligation to update or revise such statements to reflect new information, subsequent events or otherwise, unless required by applicable securities laws.

SOURCE Chorus Aviation Inc.