Madison Venture Corporation

July 05, 2016 05:00 ET

Madison Venture Corporation Acquires Shares of Glacier Media Inc.

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 5, 2016) - Madison Venture Corporation ("Madison") announces that pursuant to the Glacier Media Inc. ("Glacier") Rights Offering Notice dated May 12, 2016, Madison and certain of its affiliates have purchased 9,230,769 common shares of Glacier at a price of $0.65 per common share for total consideration of $6,000,000. The common shares were acquired by Madison pursuant to the exercise of rights and as a backstop purchaser under the Rights Offering. The acquired common shares represent approximately 8.4% of Glacier's outstanding common shares. Following the acquisition, Madison and its affiliates own, directly or indirectly, 35,827,811 Common Shares of Glacier, which represents approximately 32.6% of Glacier's outstanding common shares, and own warrants to acquire an additional 1,115,000 common shares of Glacier at a price of $4.48 per share. The common shares acquired under the Rights Offering were acquired for investment purposes. Madison may acquire additional securities of Glacier in the future on the open market or in private transactions.

For further information, or to obtain a copy of the acquisition report filed under securities legislation, please contact Dino Di Marco at (604) 638-5272.

Contact Information

  • Dino Di Marco
    (604) 638-5272