Arctic Glacier Income Fund Confirms Distribution to Unitholders

WINNIPEG. Manitoba, Sept. 14, 2020 (GLOBE NEWSWIRE) -- Arctic Glacier Income Fund (CSE:AG.UN) (the “Fund”) today confirmed that, as a follow-up to its earlier announcement of a distribution (the “Interim Distribution”) of CAD$0.01427278 per unit of the Fund, representing an aggregate value of CAD$5,000,000, payable on September 11, 2020 to unitholders of record on August 17, 2020, it has provided funds to its transfer agent to effect that Interim Distribution.

The Interim 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 (the “Monitor”), transferred the aggregate value of the Interim Distribution on behalf and for the account of the Fund to the Fund’s transfer agent (the “Transfer Agent”) on September 11, 2020. Pursuant to the Plan, the Transfer Agent shall distribute the Interim 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 Interim Distribution will be considered a return of capital. Unitholders should consult their own tax advisors having regard to their particular circumstances.

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.

About the Fund

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

For further information, contact:
Hugh A. Adams, Corporate Secretary
Tel No.: 204.781.4496