Canada's Exchange Income Corporation (EIC) finalised an investment into regional airline Wasaya Airways (WP, Pickle Lake), the company announced in a filing to the Toronto Stock Exchange on April 19, 2018.
The investment was first announced on February 1. Under its terms, Wasaya Airways plans to raise a total of CAD25 million (USD19.5 million) through a combination of debt and equity. In return, EIC will take over an undisclosed share of the company stock from the current shareholders.
"The strength of our combined aviation assets coupled with our capable and motivated people will result in a strong company ensuring Wasaya continues to be a fixture in the communities for years to come. The enhanced level of service in Northern Ontario will benefit the people in our ownership communities as well as those in the non-owner communities we serve," Wasaya Airways CEO and President Michael Rodyniuk said.
EIC focuses on investment in First Nations-owned companies. Its aviation portfolio includes Perimeter Aviation (including its subsidiary Bearskin Airlines), Kivalliq Air, Calm Air, Custom Helicopters, R1 Airlines, and others.
For its part, Wasaya Group, which includes Wasaya Airways and Wasaya Petroleum, is a holding owned to date directly or indirectly by 12 First Nations. According to the ch-aviation capacity module, it 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.
