Magellan Aerospace Corporation (TSX:MAL) announces a share repurchase program. Under the normal course issuer bid, the company will repurchase up to 2,868,106 shares, representing 5% of its issued share capital. The bid will be funded from the company's existing cash resources.

The repurchased shares will be cancelled. The bid will terminate on the earlier of May 26, 2024, or the date on which the company has acquired all of the shares sought pursuant to the bid. As of May 19, 2023, the company had 57,362,126 issued and outstanding shares.