Air Canada planes sit on the tarmac at Pearson International Airport in Toronto in this file photo.MIKE CASSESE/Reuters
ACE Aviation Holdings Inc. is continuing with its plans to wind down by selling its remaining shares and warrants in Air Canada to Cormark Securities for net proceeds of $58-million.
The airline holding company said Wednesday it sold 31 million Air Canada shares, 1.25 million warrants to purchase Air Canada shares at an exercise price of $1.51 and 1.25 million warrants with an exercise price of $1.44.
ACE was created in 2003 as part of the court-supervised restructuring of Air Canada.
The company is being dissolved now that its subsidiaries, including the airline, have been spun off or sold.
ACE moved from the Toronto Stock Exchange to the NEX board of the TSX Venture Exchange earlier this year.