ACE Aviation announces sale of Air Canada shares and warrants

MONTREAL, Nov. 14, 2012 /CNW Telbec/ - ACE Aviation Holdings Inc. (ACE) 
announced today that it has sold to Cormark Securities Inc., as investment 
dealer, a total of 31 million shares of Air Canada and 2.5 million warrants to 
purchase Air Canada shares at exercise prices of $1.51 (1.25 million warrants) 
and $1.44 (1.25 million warrants), for total net proceeds to ACE of 
approximately $58 million. As a result, ACE no longer holds any shares or 
warrants in the capital of Air Canada. 
Certain statements in this news release may contain forward-looking 
statements. Forward-looking statements may 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 strategies, expectations, planned operations 
and future actions. These forward-looking statements are identified by the use 
of terms and phrases such as "anticipate", "believe", "could", "estimate", 
"expect", "intend", "may", "plan", "predict", "project", "will", "would", and 
similar terms and phrases, including references to assumptions. 
Forward-looking statements, by their nature, are based on assumptions and are 
subject to important risks and uncertainties. Any forecasts or forward-looking 
predictions or statements cannot be relied upon due to, amongst other things, 
changing external events and general uncertainties of the business. Actual 
results may differ materially from results indicated in forward-looking 
statements due to a number of factors, including without limitation, market, 
regulatory developments or proceedings, and actions by third parties as well 
as the factors identified throughout ACE's filings with securities regulators 
in Canada and, in particular, those identified in the Risk Factors section of 
ACE's 2011 Annual MD&A and Second Quarter 2012 MD&A. The forward-looking 
statements contained in this news release represent ACE's expectations as of 
the date they are made, and are subject to change after such date. However, 
ACE disclaims any intention or obligation to update or revise any 
forward-looking statements whether as a result of new information, future 
events or otherwise, except as required under applicable securities 
Contact:David Saldanha, Ernst & Young Inc. (416) 943-4444 
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ST: Quebec
NI: AIR LEI 2523  
-0- Nov/14/2012 13:00 GMT
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