WINNIPEG, Nov. 07, 2022 (GLOBE NEWSWIRE) -- Arctic Glacier Income Fund (CSE:AG.UN) (the “Fund”) announced today that it has made its previously announced final distribution to unitholders of the Fund, that the Fund will be terminated in due course and that the Fund’s units will be de-listed from trading on the Canadian Securities Exchange (the “CSE”).

Final Distribution

The final distribution was made pursuant to the Plan of Compromise or Arrangement of, inter alia, the Fund dated May 21, 2014, as amended (the “Plan”). Pursuant to the Plan, Alvarez & Marsal Canada Inc., the Court-appointed monitor of the Fund and its subsidiaries, will transfer the aggregate value of the final distribution on behalf and for the account of the Fund, to the Fund’s transfer agent on or before today. Pursuant to the Plan, the transfer agent shall distribute the final distribution to each of the Fund’s registered unitholders as soon as reasonably practicable and in no event later than five business days following the receipt of funds from the monitor.

The final distribution will be considered a return of capital. Unitholders should consult their own tax advisors having regard to their particular circumstances.

Termination of the Fund and Related Matters

Pursuant to the Plan, and following the payment of the final distribution, the Fund and its remaining subsidiary will take all steps necessary to wind-up, liquidate, terminate in due course. It is also anticipated that, subject to the approval of the various securities commissions, the Fund will cease to be a reporting issuer in each of the provinces and territories of Canada.

Trading Halt and De-listing of the Units

The CSE has previously announced that the units will be delisted from the CSE at market close on the final distribution date, being today. The Units are also quoted on the OTC Pink Sheets. Concurrent with the delisting from the CSE, the Fund expects that the Units will be delisted from OTC Pink Sheets. However, the decision to de-list the units from the CSE and OTC Pink Sheets is at the discretion of the CSE and OTC Pink Sheets, respectively.

About the Fund

Arctic Glacier Income Fund trust units were listed on the Canadian Securities Exchange under the trading symbol AG.UN. There were 350,317,221 trust units outstanding.

The Plan can be found on the Monitor’s website at http://www.alvarezandmarsal.com/arctic-glacier-income-fund-arctic-glacier-inc-and-subsidiaries (the “Monitor’s Website”).

More information about the Fund’s proceedings under the Companies’ Creditors Arrangement Act (“CCAA”) can be found on the Monitor’s Website.

Contact:

Hugh Adams
Direct: 204-925-5391
hadams@darcydeacon.com

Adam Rock, Partner
Lindsey MacCarthy LLP
Direct: 403-536-0025
arock@linmac.com