Arctic Glacier Income Fund

Arctic Glacier Income Fund

February 01, 2007 08:50 ET

Arctic Glacier Completes $70 Million Public Offering

WINNIPEG, MANITOBA--(CCNMatthews - Feb. 1, 2007) - Arctic Glacier Income Fund (TSX:AG.UN) announced today the closing of its previously announced public offering of 5,350,000 trust units at a price of $13.10 per unit, for gross proceeds of $70,085,000. The trust units were offered to the public on a bought deal basis through a syndicate of underwriters led by Scotia Capital Inc. and TD Securities Inc., and including BMO Nesbitt Burns Inc., National Bank Financial Inc. and Wellington West Capital Markets Inc.

The net proceeds of the offering will be used to repay outstanding indebtedness such that Arctic Glacier will have the capacity to fund additional investments in its existing operations as well as acquisitions.

The offered securities will not be registered under the U.S. Securities Act of 1933, as amended, (the "Securities Act") and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the Securities Act.

Arctic Glacier Income Fund, through its operating company, Arctic Glacier Inc., is a leading producer, marketer and distributor of high-quality packaged ice in North America under the brand name of Arctic Glacier® Premium Ice. Arctic Glacier operates 34 production plants and 50 distribution facilities across Canada and the northeast, central and western United States servicing more than 68,000 retail accounts.

Arctic Glacier Income Fund trust units are listed on the Toronto Stock Exchange under the trading symbol AG.UN. There are 38.5 million trust units outstanding.

The Toronto Stock Exchange does not approve or disapprove of the adequacy or accuracy of this release.

Contact Information

  • Arctic Glacier Income Fund.
    Keith McMahon
    President & CEO
    Toll Free: 1-888-573-9237
    Arctic Glacier Income Fund.
    Doug Bailey
    Chief Financial Officer
    Toll Free: 1-888-573-9237