Makivvik Announces Entering into a Binding Agreement for the Sale of Its Ownership in Canadian North

Press Release

Kuujjuaq, Nunavik – February [24], 2025 – Following a thorough and strategic review process, Makivvik is pleased to announce that it has signed today a binding agreement for the sale of its ownership in Bradley Air Services Limited (DBA Canadian North), alongside its partner, Inuvialuit Development Corporation (“IDC”), to Exchange Income Corporation (“EIC” TSX: EIF).

This transaction marks a significant milestone in the evolution of Canadian North and reinforces the ongoing commitment to sustainable and reliable airline services, not only in the Arctic but also across its extensive charter operations in Western Canada.

Makivvik is proud of the legacy we have built with Canadian North and the essential service it has provided to Inuit and Northern communities. This decision was made with the best interests of our people in mind, and we are confident that under EIC’s leadership, the airline will continue to thrive and enhance transportation services in the Arctic.

The sale does not impact the current operations of Canadian North at this time, and the airline will continue to provide service to its customers and communities. Importantly, this sale does not include the route between Kuujjuaq and Montreal. Makivvik will maintain this route, and with the current planned schedule, service is expected to transition to Air Inuit on October 1st. Air Inuit’s recent introduction of modern jets will ensure a high standard of service is maintained, and the Inuit of Nunavik will continue to have a voice in the airline services that support their region.

Makivvik remains committed to advancing the interests of Inuit in Nunavik and will continue to focus on strategic initiatives that support the region’s economic and social development.

Closing of the transaction is subject to obtaining required regulatory approvals and other customary closing conditions and is expected to occur later this year.

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Contact:
Carson Tagoona
Director of Communications
Makivvik
ctagoona@makivvik.ca
www.makivvik.ca

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