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WINNIPEG, Manitoba, November 01, 2021 (GLOBE NEWSWIRE) – Arctic Glacier Income Fund (CSE: AG.UN) (the “Fund”) provides a status report by default, in accordance with the alternative reporting guidelines set out in National Policy 12-203 Cessation orders for continuous disclosure failures (“National Policy 12-203”).
On August 15, 2012, the Fund announced (the “Default Announcement”) that it would not be able to file an interim financial report and an interim management report for the period ended June 30, 2012, as well as the ” related certificate of deposits under National Instrument 52-109 Certification of information in the annual and interim documents of issuers (collectively, the “Continuous Disclosure Documents”) by August 29, 2012, a deadline prescribed by securities legislation (the “Special Requirement”).
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Except as noted below, no material changes have been made to the information contained in the Default Announcement or any other change required to be disclosed under National Policy 12-203.
The Trustees of the Fund currently intend to seek to wind up and dissolve the Fund when certain conditions are met, including, but not limited to, receipt of a certificate of authorization from the CRA, distribution liquidity of the Fund Fund and the termination of its Companies’ Creditors Arrangement Act (“CCAA”) procedures. There can be no assurance that these conditions will be met. The Fund will only file continuous disclosure documents as required by the Court of Queen’s Bench of Manitoba under the Fund’s CCAA proceedings. However, the Fund intends to continue filing bi-weekly default status reports containing alternative information required by National Policy 12-203.
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Further information on the Fund’s CCAA proceedings and the Plan of Compromise and Arrangement is available on the website of its Court-appointed Monitor at http://www.alvarezandmarsal.com/arctic-glacier- Income-fund-arctic-glacier-inc-and-subsidiaries .
Certain statements included in this document constitute “forward-looking statements”. All statements, other than statements of historical fact, included in this press release that deal with future business, 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”, “anticipate”, “believe”, “future” or “continue” or the negative of these or similar variations. In particular, statements about the intentions of the Fund to comply with the provisions of the Alternative Disclosure Guidelines and to file information with the relevant securities authorities, as well as statements about the intention of the Fund Trustees to dissolve the Fund . These forward-looking statements are based on certain assumptions and analyzes 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 deem appropriate under the conditions. Investors are cautioned not to place undue reliance on these 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 beyond their control. of the Fund, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Significant factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, among others, the CCAA process and the Fund’s ability to obtain sufficient resources to prepare financial statements. Its continuing information and ability to obtain authorization certificates from Canadian regulatory authorities and meet the conditions for the termination of the Fund. Readers are cautioned that the foregoing list is not exhaustive. These forward-looking statements should therefore be interpreted in light of these factors. If any of these risks or uncertainties materialize, or if the factors and assumptions underlying the forward-looking information prove to be inaccurate, actual results could differ materially from those expressed or implied by the forward-looking information contained in the present document. All forward-looking statements attributable to the Fund or to 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 the forward-looking statements contained herein, which reflect the management analysis of the Fund, if any, only as of the date of this release. For more information regarding these and other risks, readers should consult the Fund’s reports filed with applicable securities regulators available online by visiting SEDAR at www.sedar.com or by going to the website of its judicial supervisor at the address http://www.alvarezandmarsal.com/arctic-glacier- Income-fund-arctic-glacier-inc-and-subsidiaries . The Fund has no obligation, and the Fund expressly disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as applicable law requires it.
About the Fund
The trust units of Arctic Glacier Income Fund are listed on the Canadian Stock Exchange under the symbol AG.UN. There are 350.3 million trust units outstanding.
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