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WINNIPEG, March 01, 2022 (GLOBE NEWSWIRE) — Arctic Glacier Income Fund (CSE: AG.UN) (the “Fund”) provides a status report by default in accordance with the Alternative Disclosure Guidelines set out in National Policy 12-203 Cease Trade Orders for Continuing 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 filings. under National Instrument 52-109 Declaration of disclosure in the annual and interim documents of issuers (collectively, the “Continuous Disclosure Documents”) no later than August 29, 2012, the deadline prescribed by securities legislation (the “Specified Requirement”).
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Except as set forth below, no material changes have been made to the information contained in the Default Notice or any other changes required to be disclosed under National Policy 12-203.
The Trustees of the Fund currently intend to seek to liquidate and dissolve the Fund upon satisfaction of certain conditions, including, but not limited to, receipt of certain clearance certificates from the CRA, final distribution cash assets of the Fund, and the termination of its Companies Creditors Arrangement Act (“CCAA”). Revenu Québec has issued a clearance certificate for AGI CCAA Inc. (“AGI”), a wholly-owned subsidiary of the Fund, and the CRA has issued the Goods and Services Tax/Harmonized Sales Tax clearance certificate and a partial income tax clearance certificate for AGI. Alvarez & Marsal Canada Inc., the Fund’s monitor, continues to follow up with the relevant tax authorities regarding two outstanding clearance certificates. There can be no guarantee that the remaining conditions will be satisfied. The Fund will only file continuous disclosure documents if required to do so by the Manitoba Court of Queen’s Bench as part of the Fund’s CCAA proceedings. However, the Fund intends to continue to file default status reports every two weeks containing the other information required by National Policy 12-203.
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Further information about the Fund’s proceedings under the CCAA 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 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 of the Fund’s intention to comply with the provisions of the Alternative Disclosure Guidelines and to file information with applicable securities authorities, as well as statements of the Fund’s trustees’ intention to dissolve the bottom. 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 that they deem appropriate in the conditions. Investors are cautioned not to place undue reliance on these forward-looking statements, which are not guarantees of performance and are subject to a number of uncertainties, assumptions and other factors, many of which are beyond the Fund’s control. , 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 others, the CCAA process and the Fund’s ability to obtain sufficient resources to prepare the filings. continuous disclosure and its ability to obtain authorization certificates issued by Canadian regulatory authorities and satisfy 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. Should any of these risks or uncertainties materialize, or should factors and assumptions underlying the forward-looking information prove incorrect, actual results could differ materially from those 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 the forward-looking statements contained herein, which reflect the Fund’s management’s analysis, if any, only as of the date of this release. For further information regarding these and other risks, readers should consult the Fund’s reports filed with the applicable securities authorities available online by going to SEDAR at www.sedar.com either by going to the site of its judicial controller at the address http://www.alvarezandmarsal.com/arctic-glacier-income-fund-arctic-glacier-inc-and-subsidiaries. The Fund is under 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 required by law applicable so requires.
About the Fund
The trust units of Arctic Glacier Income Fund are listed on the Canadian Securities Exchange under the symbol AG.UN. There are 350.3 million trust units outstanding.
Direct Line: 204-925-5391
Partner of Adam Rock
Phone. 403 536 0025
c 403 975 6976