Update on the Government of Nunavut Equity Option for a Minority Interest in Canadian North
Exchange Income Corporation (“EIC” or the “Corporation”) (TSX: EIF) announced the Government of Nunavut has decided not to exercise their equity option for a minority interest in Canadian North.
The Government of Nunavut’s release stated, “the Government determined that its objectives of supporting reliable, affordable, transparent, and sustainable air services for Nunavummiut can be achieved without an equity investment.” EIC’s relationship with the Government of Nunavut is very strong and we are pleased with the Government’s conclusion that we can work closely with them to achieve their objectives through our valued partnership and Commercial Airline Travel Services Agreement. This speaks to the trust the Government of Nunavut has in EIC to deliver this essential service to their constituents.
Canadian North has been a critical addition to EIC’s northern aviation operations and we are pleased with its performance to date. EIC is the preeminent supplier of airline services in the North and we are excited about the future of the North. EIC remains committed to working collaboratively with the Government to assess where future investment and attention are required to support long-term service stability, while also meeting the expected increase in demand as a result of the Canadian Government’s commitment to Canada’s sovereignty and security in the North.
