Air Canada completes $500 million substantial issuer bid, acting on its commitment to balanced long-term capital allocation Français
MONTRÉAL, June 25, 2025 /CNW/ - Air Canada (TSX: AC) has taken up and paid for 26,595,744 of its Class A Variable Voting Shares and Class B Voting Shares (collectively, the " shares") at a price of $18.80 per share under its $500 million substantial issuer bid (the " Offer") to purchase shares for cancellation.
The successful completion of the Offer by Air Canada is an additional step towards its goal of reducing its fully diluted number of shares below 300 million by 2028, creating value for shareholders while investing in growth through a balanced long-term capital allocation strategy.
The shares bought under the Offer, representing about 8.24% of the total number thereof, were acquired for about $500 million. After the Offer, about 296.1 million shares are expected to remain issued and outstanding.
Other information about the Offer
A total of about 26.8 million shares were validly deposited in the Offer and not withdrawn pursuant to auction tenders at or below $18.80 or purchase price tenders. As the Offer was oversubscribed, about 99.14% of the successfully tendered shares were purchased by Air Canada, other than "odd lot" tenders not subject to proration.
Payment and settlement of the purchased shares will be made on or before June 27, 2025 in accordance with the Offer and applicable law. Any shares that are not purchased, including as a result of proration or auction tenders at more than $18.80, will be returned to shareholders as soon as practicable.
Air Canada estimates that for purposes of the Income Tax Act (Canada) (the " ITA") the paid-up capital per share is about $10.59. Shareholders who have sold shares to Air Canada under the Offer will as a result be deemed to have received a dividend equal to $8.21 per share, the amount by which the purchase price exceeds the paid-up capital per share for Canadian federal income tax purposes. The dividend deemed to have been paid by Air Canada to Canadian resident persons is designated as an "eligible dividend" for purposes of the ITA and any corresponding provincial and territorial tax legislation. The "specified amount" for purposes of subsection 191(4) of the ITA is $8.21. Shareholders should consult with their own tax advisors with respect to the income tax consequences of the disposition of their shares under the Offer.
The full details of the Offer were described in the offer to purchase and issuer bid circular dated May 16, 2025, as well as the related letter of transmittal and notice of guaranteed delivery, copies of which were filed and are available under Air Canada's profile on SEDAR+ at www.sedarplus.ca.
This press release is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell Air Canada's shares. All dollar amounts are in Canadian dollars and issued and outstanding shares are based on the number thereof as of June 20, 2025.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release includes forward-looking statements within the meaning of applicable securities laws. Forward-looking statements relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable. These statements may involve, but are not limited to, comments relating to guidance, strategies, expectations, planned operations or future actions. Forward-looking statements are identified using terms and phrases such as "preliminary"; "anticipate"; "believe"; "could"; "estimate"; "expect"; "intend"; "may"; "plan"; "predict"; "project"; "will"; "would"; and similar terms and phrases, including references to assumptions. These statements also include statements relating to the terms of the Offer, including the timing of payment and settlement for shares purchased under the Offer, the number of shares expected to be issued and outstanding after completion of the Offer and Air Canada's 2028 fully diluted share count goal.
Forward-looking statements, by their nature, are based on assumptions including those described herein and are subject to important risks and uncertainties, which are amplified in the current environment. Forward-looking statements cannot be relied upon due to, among other things, changing external events and general uncertainties of the business of Air Canada. Actual results may differ materially from results indicated in forward-looking statements due to a number of factors, including those discussed below.
Factors that may cause results to differ materially from results indicated in forward-looking statements include economic conditions, statements or actions by governments and uncertainty relating to the imposition of (or threats to impose) tariffs on Canadian exports or imports and their resulting impacts on the Canadian, North American and global economies and travel demand, geopolitical conditions such as the military conflicts in the Middle East and between Russia and Ukraine, Air Canada's ability to successfully achieve or sustain positive net profitability, industry and market conditions and the demand environment, competition, Air Canada's dependence on technology, cybersecurity risks, interruptions of service, climate change and environmental factors (including weather systems and other natural phenomena and factors arising from anthropogenic sources), Air Canada's dependence on key suppliers (including government agencies and other stakeholders supporting airport and airline operations), employee and labour relations and costs, Air Canada's ability to successfully implement appropriate strategic and other important initiatives (including Air Canada's ability to manage operating costs), energy prices, Air Canada's ability to pay its indebtedness and maintain or increase liquidity, Air Canada's dependence on regional and other carriers, Air Canada's ability to attract and retain required personnel, epidemic diseases, changes in laws, regulatory developments or proceedings, terrorist acts, war, Air Canada's ability to successfully operate its loyalty program, casualty losses, Air Canada's dependence on Star Alliance® and joint ventures, Air Canada's ability to preserve and grow its brand, pending and future litigation and actions by third parties, currency exchange fluctuations, limitations due to restrictive covenants, insurance issues and costs, and pension plan obligations as well as the factors identified in Air Canada's public disclosure file available at www.sedarplus.ca and, in particular, those identified in section 18 "Risk Factors" of Air Canada's 2024 MD&A and in section 14 "Risk Factors" of Air Canada's First Quarter 2025 MD&A.
The forward-looking statements contained in this news release represent Air Canada's expectations as of the date of this news release (or as of the date they are otherwise stated to be made) and are subject to change after such date. However, Air Canada disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information, future events or otherwise, except as required under applicable securities regulations.
About Air Canada
Air Canada is Canada's largest airline, the country's flag carrier and a founding member of Star Alliance, the world's most comprehensive air transportation network. Air Canada provides scheduled service directly to more than 180 airports in Canada, the United States and Internationally on six continents. It holds a Four-Star ranking from Skytrax. Air Canada's Aeroplan program is Canada's premier travel loyalty program, where members can earn or redeem points on the world's largest airline partner network of 45 airlines, plus through an extensive range of merchandise, hotel and car rental partners. Through Air Canada Vacations, it offers more travel choices than any other Canadian tour operator to hundreds of destinations worldwide, with a wide selection of hotels, flights, cruises, day tours, and car rentals. Its freight division, Air Canada Cargo, provides air freight lift and connectivity to hundreds of destinations across six continents using Air Canada's passenger and freighter aircraft. Air Canada's climate-related ambition includes a long-term aspirational goal of net-zero greenhouse gas emissions by 2050. For additional information, please see Air Canada's TCFD disclosure. Air Canada shares are publicly traded on the TSX in Canada and the OTCQX in the US.
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Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Just weeks ago, Canada had the second-highest food inflation rate among G7 nations. Now we've moved down to fourth place. It's a welcome reprieve for Canadian consumers heading into the costly summer months, when fresh food demand typically peaks. Food inflation is not uniform across the country. New Brunswick currently leads the pack with the highest food inflation rate at 3.7%, while Manitoba boasts the lowest at 3%. Quebec sits at 3.1%, and Ontario at 3.6%. These regional differences reflect varying transportation costs, supply chain efficiencies, and even policy priorities. 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Climbing Prices As confidence in U.S. fiscal policy continues to wane and inflationary pressures mount, gold has surged to US$3,200 per ounce in early 2025, with many analysts viewing this as the beginning of a sustained rally. Some forecasts now anticipate prices climbing to US$4,000 in the near future. The rapid escalation from US$2,500 to US$3,000 in just 210 days—the fastest on record ( the powerful momentum driving this historic run in the gold market. Major financial institutions are adjusting their outlooks accordingly. Goldman Sachs now projects gold will reach US$3,700 by the end of 2025 and hit US$4,000 by mid-2026 ( Similarly, JPMorgan is forecasting a rise to US$4,000, crediting robust central bank activity that has seen net gold purchases averaging around 710 tonnes each quarter ( In light of these developments, gold-related equities — especially those linked to Canadian producers — are capturing increased investor attention. 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A cornerstone of LaFleur's path to production is its fully permitted Beacon Gold Mill, which the company acquired in 2024. Located only 50 kilometers from the Swanson Project, the mill underwent approximately US$20 million in upgrades by its previous owner and boasts a processing capacity exceeding 750 tonnes per day. It is currently being readied for a restart by the end of 2025. With Beacon Mill in place, LaFleur is uniquely positioned to process its own future ore while also tapping into additional revenue streams by offering custom milling services to nearby gold projects, which are plentiful in the area. This level of vertical integration represents a major milestone in LaFleur's evolution, transforming the company from an exploration-focused operator into a near-term gold producer with significant growth potential in a Tier 1 mining jurisdiction. Emerging as a Standout LaFleur Minerals is rapidly emerging as a standout in the junior gold sector, largely due to the momentum behind its Swanson Gold Project. The deposit hosts a NI 43-101-compliant mineral resource of 2.113 million tonnes grading 1.8 g/t gold in the Indicated resource category, totaling 123,400 ounces, along with 872,000 tonnes at 2.3 g/t gold in the Inferred resource category, representing 64,500 ounces ( These updated figures reflect an 8% increase in Indicated ounces and an impressive 626% surge in Inferred ounces compared to earlier estimates, underscoring the project's strong growth potential. In addition, LaFleur has plans to initiate a robust diamond drilling campaign in Q3 2025, targeting a minimum of 5,000 meters across several high-priority zones within the Swanson property. The goal is to expand the resource base significantly, with a longer-term objective of defining over one million ounces of gold. At the same time, the company has begun the permitting process for an up-to-100,000-tonne surface bulk sample from the Swanson deposit. The material, with an estimated average grade of 1.89 g/t gold, can be upgraded through concentration to optimize shipping and processing economics, representing approximately 6,350 ounces, or about 3% of the current resource ( This bulk sample will be processed at the nearby Beacon Mill, with the initiative expected to generate early revenue, provide essential metallurgical insights, and support further economic assessment of the project ( Offering a Unique Advantage LaFleur Minerals is preparing to significantly enhance its operational capabilities through the restart of the fully permitted and modernized Beacon Gold Mill, located near Val-d'Or, Québec. Acquired in late 2024 through Canada's CCAA process from Monarch Mining, the Beacon Mill positions LaFleur to process ore from its Swanson Gold Project while also offering custom milling services to nearby gold deposits, a unique advantage in a resource-rich region ( Situated in the heart of the Abitibi Gold Belt, the Beacon Mill benefits from a prime location in Val-d'Or, surrounded by more than 100 historical and active gold mines ( This close proximity supports efficient ore transport and positions LaFleur to accelerate its bulk sampling and ramp up to full-scale processing. These steps are central to the company's plan to advance Swanson into production and generate meaningful cash flow into 2026. The mill was obtained through an arm's length asset purchase agreement. The transaction was financed with CA$250,000 in cash and CA$850,000 in equity, with court approval received in October 2024. Monarch had suspended operations in September 2022, when gold traded in the CA$1,800/ounce range, maintaining the mill in care and maintenance after contributing CA$20 million in refurbishments. The facility features a Merrill-Crowe cyanidation circuit, a 27.5 m × 69 m processing building, extensive water and tailings basins, and robust electrics driven by a 4,000 kVA transformer. Earlier this year, LaFleur initiated a detailed restart strategy using ABF Mines and environmental consultants to conduct site inspections, develop a parts inventory, and complete geotechnical and tailings storage facility assessments; the company plans to return the mill to full operation by early 2026 ( Restart costs are expected to be in the CA$5–6 million range over a six- to eight–month period, with an aim to begin processing mineralized content by the end of 2025 and generating initial annual production of up to 30,000 ounces ( This path to production highlights the low-risk, low-restart cost factor and immense upside potential as the LaFleur pivots years ahead of other players in the region. The timing of this effort is particularly advantageous. With gold trading at around US$3,300 per ounce, the economics of near-term production are highly favorable. The Beacon Mill gives LaFleur a strong competitive edge, enabling a rapid shift from explorer to producer while supporting regional collaboration through custom milling partnerships. Beyond its own bulk sampling plans, Beacon's 750-plus tonnes-per-day capacity creates opportunities for third-party processing or toll milling agreements, which could further strengthen LaFleur's cash flow and solidify its role within the local mining ecosystem. From an investor perspective, the Beacon Mill stands out as a valuable strategic asset. It offers LaFleur scalability, reduced development timelines, and operational flexibility not typically available with new mill builds, which often require three to five years of permitting and significant capital outlay. The synergy between the Beacon Mill and the Swanson deposit highlights LaFleur's vertically integrated model—one that not only enhances project economics but also sets the company firmly on a near-term path to production in a Tier 1 mining jurisdiction. The ability to expand Beacon's capacity using future cash flow, without undergoing another lengthy permitting cycle, adds yet another layer of long-term upside for shareholders. From Exploration to Production LaFleur's well-defined roadmap — from the finalization of its asset acquisition in October 2024 to detailed restart planning and permitting efforts in Q1 and Q2 of 2025, leading to anticipated production by early 2026 — demonstrates a disciplined and strategic execution plan that positions the company as a compelling near-term gold producer with significant upside potential. This deliberate approach supports LaFleur's broader objective of combining systematic resource expansion through focused drilling with infrastructure-driven production enabled by its nearby fully permitted mill. Continued exploration efforts, including airborne geophysics, induced polarization (IP) surveys, and geochemical sampling, have already revealed more than 50 new drill targets—further paving the way for meaningful resource growth. Through this integrated model, LaFleur is strategically positioned to evolve from an exploration-focused company into a producing gold operation. By early 2026, the company expects to process bulk sample material from the Swanson Gold Project at the Beacon Mill and initiate the facility's restart, an effort that will begin generating revenue to help support ongoing development. Once operating at full capacity, the mill has the potential to deliver annual production of over 20,000 ounces of gold ( In the current gold environment — characterized by record-high prices and strong investor interest in stable, low-risk jurisdictions — LaFleur differentiates itself through its combination of scalable assets, established infrastructure and a sustainable path to production. The company's unique positioning, with both near-term cash flow potential and long-term exploration upside, makes it an attractive option for investors looking to gain exposure to a well-managed, forward-thinking gold development story. Making Strategic Moves As gold continues its record-setting climb and market forecasts push expectations toward the US$4,000 per-ounce mark, mining companies across the spectrum are seizing the opportunity to advance projects and strengthen their operational readiness. From exploration-stage players to near-term producers and royalty-backed developers, the sector is responding to elevated investor interest and favorable commodity prices with strategic moves aimed at long-term value creation. Amex Exploration Inc. (TSXV: AMX) (OTC: AMXEF) has announced an updated Mineral Resource Estimate (MRE) indicating a significant increase for the gold resource at its Perron Project ( According to the company, the MRE shows an increase in contained ounces as well as grade. "The high-grade, continuous nature of the Champagne Zone, in particular, puts Amex in a unique position with exceptional flexibility for the development of the project, which will be analyzed in detail for an updated PEA," stated Amex Exploration president, CEO and director Victor Cantore. "This Mineral Resource Estimate demonstrates the team's ability to identify and grow the Perron Project into a world-class gold asset. . . . In today's gold price environment, these ounces are extremely lucrative, however, are also highly resilient to fluctuations in gold prices, and I expect our upcoming PEA to reflect very positive economics." Troilus Gold (TSX: TLG) (OTC: CHXMF) recently provided an update on the progress of basic and detailed engineering at its copper-gold Troilus Project, led by engineering partner BBA Inc. based in Montreal, Quebec ( The company noted that a dedicated team of approximately 45 full-time engineers and specialists has been advancing key workstreams on schedule as the project moves forward on the path to construction readiness. To date, a comprehensive review of the May 2024 Feasibility Study has been completed; key trade-off studies have been conducted, which resulted in design improvements to support scalability, operational robustness and energy efficiency; and the optimized main process flowsheet was finalized on schedule, supporting the broader detailed engineering timeline. West Red Lake Gold Mines Ltd. (TSXV: WRLG) (OTCQB: WRLGF) announced that its board of directors has approved management's recommendation to immediately restart the Madsen Mine, which the company acquired in June 2023 ( "We have pushed hard for two years to accomplish that feat and now, with major infrastructure projects complete and our bulk sample having delivered mined tonnes and gold grade aligned with modeled expectations, our approach has been validated, and we are ready to mine on a continual basis," said West Red Lake Gold Mines president and CEO Shane Williams. "This restart decision is a major milestone that has been achieved by systematically derisking the technical, operating, and funding requirements of a sustainable high-grade gold operation at Madsen." Ascot Resources Ltd. (TSX: AOT) (OTCQX: AOTVF) recently provided an update of its activities related to the restart of operations at its Premier Gold Project, located in northwestern British Columbia ( In April, the company closed the second and final tranche of its private placement financing, providing key funding for mine and infrastructure development. That development is set to include increased power to allow for expanded equipment operations, including the purchase of a 4160v transformer for the Premier Northern Lights workings and additional camp space, and an increase in camp capacity to support the restart. "With the additional power capacity and camp space, Ascot anticipates that its mining contractor, Procon Mining and Tunnelling, will be positioned to increase productive operation," the company stated. Whether through expanded mineral resources, detailed engineering advancements, full-scale mine restarts or infrastructure development, these savvy companies exemplify the momentum building across the gold sector. Each is leveraging unique assets and timely decision-making to capitalize on current market conditions, with a clear focus on scalability, production readiness and operational efficiency. As the price of gold remains historically high, investors are keeping a close watch on those poised to translate today's bullish market into sustained performance and long-term returns. For more information, visit LaFleur Minerals Inc. (CSE: LFLR) (OTCQB: LFLRF) (FSE: 3WK0). NetworkNewsWire ("NNW") is a specialized communications platform with a focus on financial news and content distribution for private and public companies and the investment community. 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