Glacier Ventures International Corp.

Glacier Ventures International Corp.

May 30, 2005 18:55 ET

Glacier Announces Private Placement Financing


Glacier Ventures International Corp. ("Glacier") (TSX:GVC) is pleased to announce that a financing has been arranged with a syndicate of investment dealers co-led by Raymond James Ltd. and BMO Nesbitt Burns Inc. to sell by way of private placement on a 'best efforts' basis approximately 5,833,333 Subscription Receipts at $2.40 per Subscription Receipt for gross proceeds of approximately $14,000,000 (the "Offering").

Each Subscription Receipt represents the right to receive, for no additional consideration, one Common Share of Glacier. The net proceeds of this Offering are intended to fund acquisitions, repay debt in the interim, and for general corporate purposes.

The gross proceeds from the Offering will be held in escrow and released to the Company upon the satisfaction of certain conditions relating to the purchase of Madison Publishing Group which was announced in a press release of May 13, 2005.

The Offering is scheduled to close on or about July 5, 2005 and remains subject to certain conditions, including satisfactory due diligence and the receipt of all required regulatory and other approvals, including the approval of the Toronto Stock Exchange.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

Shares in Glacier can be traded on the Toronto Stock Exchange under the symbol GVC.

About the Company: Glacier Ventures International Corp. is an information communications company focused on expanding across North America through both internal growth and the strategic acquisition of information communications companies that provide essential information and related services through print, electronic and online media.

Forward Looking Statements

Certain statements in this press release are not historical and may constitute forward-looking statements reflecting financial performance. Investors are cautioned that all forward-looking statements involve risks and uncertainties. Forward-looking statements are based on management's estimates, beliefs and opinions on the date the statements are made. Glacier assumes no obligation to update forward-looking statements if circumstances should change. Additional information on these and other potential factors that could affect Glacier's financial results are detailed in documents filed from time to time with the applicable Canadian securities regulatory authorities.

The Toronto Stock Exchange has neither approved nor disapproved the form or content of this release.

Contact Information

  • Glacier Ventures International Corp.
    Mr. Orest Smysnuik
    (604) 872-8565