Canada's largest airline has offered 30.8 million Class A variable voting shares and/or Class B voting shares to generate more money during one of its toughest periods in history.

Air Canada is pricing this stock at $16.25, which will raise $500.5 million.

This is in addition to floating US$650 million (nearly CDN$900 million) of marketed convertible senior unsecured notes, which mature on July 1, 2025. These notes offer an interest rate of four percent per year.

"The Company will use the net proceeds from the Offerings to supplement the Company's working capital and other general corporate purposes," Air Canada said in a news release. "The net proceeds from the Offerings will serve to increase Air Canada's cash position, thereby allowing for additional flexibility both from an operational standpoint and in the implementation of its planned mitigation and recovery measures in response to the COVID-19 pandemic."

The company reported earlier this month that it was burning through $22 million in cash per day in March after flights were grounded. The CEO, Calvin Rovinescu, has given up his $1.4-million salary until June 30 as a cost-cutting measure.

Last week, Air Canada announced its summer schedule, which includes nearly 100 domestic and international destinations.

Air Canada shares are trading at $15.78 as of this writing, down 1.38 percent since the markets opened.