Arctic Glacier Income Fund

Arctic Glacier Income Fund

September 20, 2005 09:16 ET

Arctic Glacier Completes Equity Offering

WINNIPEG, MANITOBA--(CCNMatthews - Sept. 20, 2005) -

Unit Offering of $50 million

Arctic Glacier Income Fund (TSX:AG.UN) announced today the closing of an offering of 4,450,000 trust units at a price of $11.25 per unit, for gross proceeds of $50,062,000. The trust units were offered to the public on a bought deal basis through a syndicate of underwriters led by TD Securities Inc. and Wellington West Capital Inc., and including BMO Nesbitt Burns Inc. and Scotia Capital Inc. In addition, the syndicate has the option, exercisable in whole or in part at any time prior to 30 days after closing, to purchase up to an additional 445,000 trust units which, if exercised, would increase the gross proceeds of the offering to $55,068,750.

The net proceeds of the offering will be used to finance potential strategic acquisitions, including the September 16, 2005 acquisition of the assets of the ice division of Hometown Inc. of Milwaukee, Wisconsin, and capital projects and for general corporate purposes. Until so required, the proceeds will be used to temporarily reduce indebtedness of the Fund.

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 26 production plants and 41 distribution facilities across Canada and the central and northeastern United States servicing more than 53,000 retail accounts.

Arctic Glacier Income Fund trust units are listed on the Toronto Stock Exchange under the trading symbol AG.UN. There are 27.9 million trust units outstanding.

Contact Information

  • Arctic Glacier Income Fund
    Robert Nagy
    President & CEO
    Toll free investor relations phone: 1 (888) 573-9237
    Arctic Glacier Income Fund
    Keith McMahon
    Executive VP & Chief Financial Officer
    Toll free investor relations phone: 1 (888) 573-9237