Star Metro - Northfield Expands Northern Aviation Capacity With Cessna 208 Caravan Acquisition and Amends Aircraft Loan Agreement

TORONTO, ON / ACCESS Newswire / June 5, 2026 / Northfield Capital Corporation ("Northfield" or the "Company") (TSXV:NFD.A) today announced that its wholly-owned subsidiary, Spruce Goose Aviation Inc. ("Spruce Goose"), has acquired a 2016 Cessna 208 Caravan utility turboprop aircraft to expand the Company's northern aviation capacity, and that the Company and certain of its subsidiaries have entered into a second amending agreement to increase the Company's existing aircraft loan facility to finance the acquisition.

Robert D. Cudney, Founder, President and Chief Executive Officer of Northfield, commented: "This acquisition strengthens our ability to serve the Ring of Fire and the communities of Northern Ontario at a time when reliable air access is increasingly critical. The Caravan is a proven workhorse for remote operations, and financing it on a long-term, asset-backed basis lets us expand True North Airways' capacity while preserving balance-sheet flexibility across the portfolio.

Fleet Expansion - Cessna 208 Caravan

The acquisition, which closed on February 20, 2026, adds a 2016 Cessna 208 Caravan aircraft to the Company's aviation fleet. The Aircraft was acquired from an arm's length seller for a purchase price of US$2.06 million.

The Cessna 208 Caravan is a single-engine utility turboprop widely deployed for operations in remote and northern regions, valued for its payload flexibility, its ability to operate from short and unimproved runways, and its capacity to be rapidly reconfigured between passenger and cargo roles. Powered by a Canadian-built Pratt & Whitney Canada PT6A turboprop engine, the Aircraft is well suited to the mixed passenger, cargo, and exploration-logistics missions that characterize northern operations.

Operated within the Company's True North Airways aviation group, the Aircraft is being deployed principally in support of the exploration programs of Juno Corp. ("Juno"), Northfield's investee and the largest mineral claimholder in Ontario's Ring of Fire, as well as charter, cargo, and logistics services for northern communities and government agencies. The addition expands True North Airways' capacity to serve growing demand for reliable air access across Northern Ontario and other remote regions of Canada.

Second Amendment to Aircraft Loan Agreement

In connection with the acquisition of the Aircraft, the Company and certain of its subsidiaries have entered into a second amending agreement dated June 5, 2026 (the "Second Amending Agreement") to increase the aggregate principal amount of the previously obtained Aircraft Loan (as defined below) from US$5.795 million to US$8.045 million, an increase of US$2.25 million.

The Second Amending Agreement amends the aircraft loan agreement dated March 14, 2025 (as amended by an amending agreement dated July 7, 2025, and as further amended by the Second Amending Agreement, the "Aircraft Loan Agreement") among the Company, Echo Capital Fund I Inc. (the "Lender"), an arm's length private lender in the aviation sector, and certain subsidiaries of the Company, which provides for a loan (the "Aircraft Loan") to the Company's wholly-owned subsidiary, Spruce Goose.

The Aircraft Loan Agreement has a term of five years and bears interest at a variable floating rate equal to the annual interest rate posted and announced from time to time by Laurentian Bank of Canada plus 300 basis points, calculated and compounded monthly in arrears. Interest and principal are payable monthly based on a ten-year amortization period, with any remaining balance due at the end of the five-year term. The Aircraft Loan may be repaid at the election of Spruce Goose. The Company and certain of its subsidiaries continue to guarantee the obligations under the Aircraft Loan Agreement, and the Lender has taken additional security against the Aircraft. The Aircraft Loan Agreement contains other terms, covenants, representations and warranties customary for a transaction of this nature.

About Northfield

Northfield is a publicly traded Canadian investment and operating company with deep roots in resources, mining, aviation, and premium consumer brands. Founded in 1981 by Robert D. Cudney, the Company combines over four decades of experience with forward-thinking strategies to unlock opportunities across its diversified portfolio. Northfield is dedicated to fostering growth and innovation in businesses that drive economic prosperity in Canada and abroad. The Company's flagship investment, Juno Corp., is the largest mineral claimholder and the most active explorer in the Ring of Fire. True North Airways, the Company's wholly-owned aviation subsidiary, provides charter, cargo, and exploration logistics services across Canada and is expanding internationally through CNA Aviation Corp. in Central America.

For more information, visit www.northfieldcapital.com.

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Forward-Looking Information

This news release contains certain forward-looking information within the meaning of applicable Canadian securities legislation. Forward-looking information in this news release includes, but is not limited to, statements regarding the anticipated benefits and intended uses of the Aircraft, including its deployment in support of Juno's exploration and development programs and the provision of charter, cargo, and logistics services to northern communities and government agencies; the expansion of the Company's aviation operations and fleet; the Company's expectations regarding the performance of its obligations under the Aircraft Loan Agreement; and the Company's strategy and capital allocation across its portfolio. Forward-looking information is based on assumptions and analyses made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors the Company believes are appropriate in the circumstances. However, such information is subject to known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking information, including but not limited to: operational risks inherent in aviation and remote-region operations; reliance on key customers, including Juno; fluctuations in interest rates affecting the floating-rate Aircraft Loan; fluctuations in foreign exchange rates given the U.S.-dollar-denominated Aircraft Loan; regulatory, airworthiness and licensing requirements; the availability of financing on acceptable terms; general market and economic conditions; and the risks identified in the Company's most recent management's discussion and analysis filed on SEDAR+ at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except as required by applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

SOURCE: Northfield Capital Corporation

View the original press release on ACCESS Newswire

M.Johnson--SMC