Glacier Media Inc. (TSX:GVC) made an offer to acquire remaining 3.14% stake in GVIC Communications Corp. (TSX:GCT) from The Graham Boeckh Foundation, Robert Johnston and others for CAD 2.6 million on January 12, 2021. As of January 25, 2021, Glacier Media Inc. entered into an agreement to acquire an additional 3.14% stake in GVIC Communications Corp. Under the terms of transaction, Glacier Media will issue 0.8 of its share for each of class B and class C shares of GVIC. The transaction will be settled through issuance of 7.74 million Glacier common stock. Currently, Glacier owns 37.9% Class B Voting shares and 97.7% Class C Non-Voting shares in GVIC. On completion of the Arrangement, it is anticipated that the GVIC B Shares and the GVIC C Shares will be delisted from the TSX.

The transaction is subject to certain conditions, including the review and favorable recommendation by the special committee of GVIC, boards of directors approval, approval by the shareholders of GVIC and the negotiation of a definitive agreement, subject to interim order of Court shall have been obtained, regulatory approvals shall have been obtained, the Glacier shares to be issued to the holders of GVIC shares pursuant to this Agreement shall have been authorized for listing on the TSX and all other third party waivers or approvals required in connection of the transaction shall have been provided or obtained. The definitive agreement is expected to contain customary closing conditions. The GVIC's shareholder meeting will be held on March 17, 2021. GVIC' shareholders entered into support and voting agreement to be present and vote all the relevant shares in favor of the transaction and agrees not to assert or exercise any dissent rights in respect of the Transaction or the transactions associated therewith that the shareholder may have. As of March 17, 2021, GVIC's shareholders approved the transaction. GVIC is scheduled to seek the Final Order from the British Columbia Supreme on March 22, 2021. As of March 22, 2021, British Columbia Supreme Court approved the transaction. GVIC has formulated an independent special committee of the board of directors to review the transaction. As of March 17, 2021, the Arrangement will be effected on March 31, 2021. The GVIC Board unanimously (with two directors abstaining who are directors of Glacier) recommends that such GVIC shareholders vote in favour of the Arrangement.

Computershare acted as transfer agent for GVIC. CalCap Valuation Services acted as financial advisor to Special Committee of GVIC. Trisha Robertson of Blake, Cassels & Graydon LLP acted as legal advisor to GVIC. Elizabeth J. Harrison of Farris LLP acted as legal advisor to Glacier Media.