Discovery Air entered into a credit agreement with Clairvest Group providing for a $12 million revolving credit facility of which $2 million will be subject to the prior consent of Clairvest.

All borrowings will bear interest at a rate of 12% per annum payable on a monthly basis, mature on December 31, 2016 and are secured. The corporation may repay and re-borrow the principal under the revolving credit facility on customary conditions.

Proceeds facility will be used to finance aircraft upgrades in support of certain growth initiatives and for business development activities at certain subsidiaries. A material change report will be filed less than 21 days before the closing date of the transaction. In connection with the facility, the corporation also obtained certain adjustments to its existing debt arrangements, including principal repayment adjustments and covenant waivers.

Discovery Air provides specialty aviation services, including deliver air combat training, medevac equipped aircraft services, airborne firefighting services, air charter services, helicopter operations, and transport and logistics support.