TORONTO, ONTARIO--(Marketwired - May 26, 2017) - Discovery Air Inc. ("Discovery Air" or the "Corporation") (TSX:DA.A) and Clairvest Group Inc. ("Clairvest") (TSX:CVG) announced today the closing of the previously announced statutory plan of arrangement under section 192 of the Canada Business Corporations Act, pursuant to which, among other things, all of the common shares of the Corporation (the "Shares") were acquired by 10123200 Canada Inc., a wholly owned subsidiary of an investment fund managed by Clairvest (the "Arrangement").

The Arrangement, which was announced on March 24, 2017, was approved by shareholders of the Corporation at the special meeting of shareholders held on May 23, 2017, and by the Ontario Superior Court of Justice (Commercial List) on May 24, 2017.

Corporation shareholders who hold their Shares through a broker or intermediary may contact that broker or intermediary for instructions and assistance in receiving the consideration for their Shares. Shareholders who hold their Shares in certificated form are required to complete and sign a letter of transmittal and deliver it, together with their share certificates and the other required documents to the depositary, Computershare Trust Company of Canada. Further information concerning these processes is outlined in the Corporation's management information circular dated April 20, 2017 (the "Circular"), a copy of which is available, along with the letter of transmittal, under the Corporation's profile on SEDAR at and on the Corporation's website at All questions regarding the cash consideration, including any request for another letter of transmittal, should be directed to the depositary, Computershare Trust Company of Canada at 1-800-564-6253.

The Corporation has applied to delist its Class A common voting shares (the "Class A Shares") from the Toronto Stock Exchange and expects such delisting to be completed within 3 business days.

Clairvest will file an early warning report on SEDAR at with respect to the closing of the Arrangement, which will also be available by contacting the Director, Investor Relations and Marketing for Clairvest at (416) 925-9270.

In connection with the Arrangement, the amalgamated entity, "Discovery Air Amalco", has agreed to assume the Corporation's obligations under the convertible debenture indenture dated as of May 12, 2011 (as amended by a first supplemental convertible debenture indenture dated as of November 27, 2014) (the "Convertible Debenture Indenture"), pursuant to a second supplemental convertible debenture indenture entered into by Computershare Trust Company of Canada and Discovery Air Amalco. A copy will be filed on SEDAR. In accordance with the terms of the Convertible Debenture Indenture, as amended, the debentureholders' right of conversion is adjusted so that each debentureholder, upon exercising its right of conversion, shall only be entitled to receive and shall accept, in lieu of the number of Shares then sought to be acquired by it, $0.20 per Share pursuant to any such conversion. The Corporation's 8.375% convertible unsecured subordinated debentures will continue to be listed for trading on the Toronto Stock Exchange under the symbol "DA.DB.A".