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Arctic Glacier Announces Intention to Make Second Interim Distribution

WINNIPEG, Manitoba, Oct. 03, 2019 (GLOBE NEWSWIRE) -- Arctic Glacier Income Fund (CSE:AG.UN) (the “Fund”) announces that the monitor (the “Monitor”) appointed by the Court in respect of the Fund’s application filed under the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (the “CCAA”) has concluded that it is appropriate to make a further interim distribution to unitholders of the Fund (the “Second Unitholder Interim Distribution”). The Monitor anticipates beginning the formal process to make the Second Unitholder Interim Distribution as expeditiously as possible and in compliance with all applicable securities laws and regulations to the extent they are not inconsistent with the Fund’s court-approved CCAA arrangement. It is anticipated this activity to facilitate the Second Unitholder Interim Distribution can be commenced in late October/early November 2019. The Monitor estimates the amount of the Second Unitholder Interim Distribution will be approximately CDN$15 million. Once the Monitor has finalized the amount of the Second Unitholder Interim Distribution, the Monitor will set a record date for establishing unitholders entitled to receive the distribution (the “Unitholder Interim Distribution Record Date”). Provided that the formal process to make the Second Unitholder Interim Distribution is commenced in late October/early November, the Monitor anticipates that the payment date for the Second Unitholder Interim Distribution will be in December 2019.

Once details are finalized, the record date, payment date and distribution amount per unit will be announced by way of a further press release.

More information about the Fund’s CCAA proceedings can be found on the website of its Court-appointed monitor at http://www.alvarezandmarsal.com/arctic-glacier-income-fund-arctic-glacier-inc-and-subsidiaries.

Forward-Looking Statements

Certain statements included herein constitute “forward-looking statements”. All statements, other than statements of historical fact, included in this release that address future activities, events, developments or financial performance are forward-looking statements. These forward-looking statements can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe”, “future” or “continue” or the negative thereof or similar variations. In particular, statements about the Fund's intentions to make the Second Unitholder Interim Distribution, or the amount of such distribution, as well as the expected timetable for making the distribution, are or involve forward-looking information. These forward-looking statements are based on certain assumptions and analyses made by the Fund and its management, in light of their experiences and their perception of historical trends, current conditions and expected future developments, as well as other factors they believe are appropriate in the circumstances. Investors are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties, assumptions and other factors, many of which are outside the control of the Fund, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, among other things, the CCAA process and any actions or decisions undertaking by third parties in those proceedings including the Fund, the Monitor or the Court. Readers are cautioned that the foregoing list is not exhaustive. Such forward-looking statements should, therefore, be construed in light of such factors. If any of these risks or uncertainties were to materialize, or if the factors and assumptions underlying the forward-looking information were to prove incorrect, actual results could vary materially from those that are expressed or implied by the forward-looking information contained herein. All forward-looking statements attributable to the Fund, or persons acting on its behalf, are expressly qualified in their entirety by the cautionary statements set forth above. Readers are cautioned not to place undue reliance on forward-looking statements contained herein, which reflect the analysis of the management of the Fund, as appropriate, only as of the date of this release. For more information regarding these and other risks, readers should consult the Fund’s reports on file with applicable securities regulatory authorities accessible online by going to SEDAR at www.sedar.com or by going to the website of its Court-appointed monitor at http://www.alvarezandmarsal.com/arctic-glacier-income-fund-arctic-glacier-inc-and-subsidiaries. The Fund is under no obligation, and Fund expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

About the Fund
Arctic Glacier Income Fund trust units are listed on the Canadian National Stock Exchange under the trading symbol AG.UN. There are 350.3 million trust units outstanding.

Contact:
Hugh Adams
Ph: 204-781-4496
Email: hugh@hughadamslaw.com