Wasaya Airways (WP, Pickle Lake) has secured an investment from Exchange Income Corporation (EIC) which will allow the carrier to expand and sustainably grow in the future.
The regional specialist expects to raise a total of CAD25 million (USD20 million) through a combination of debt and equity. EIC has already funded an initial investment in Wasaya with the remaining transactions expected to be completed within the first quarter of 2018. In return, EIC will take over an undisclosed share of the company stock from the current shareholders.
"The partnership provides Wasaya a unique opportunity for long-term sustainability and growth together with a tremendously experienced partner delivering to Wasaya buying power and operational efficiencies such as EIC’s heavy maintenance capabilities and its centralised Charter Connexions Group, just to name a few," Chief Executive Officer Michael Rodyniuk has said.
EIC focuses on investment in First Nations-owned companies.
According to the ch-aviation capacity module, Wasaya Airways focuses on regional operations in Northern Ontario, mainly out of Sioux Lookout, using a fleet of four Dash 8-100s, one Dash 8-300, nine Beech 1900Ds, four Cessna (single turboprop) 208Bs, three BAe 748s, and four PC-12/45s.
