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WINNIPEG, Manitoba, Feb. 21, 2023 (GLOBE NEWSWIRE) — Arctic Glacier Revenue Fund (CSE: AG.UN) (the “Fund”) is offering a default standing report, in accordance with the choice data pointers set out in Nationwide Coverage 12-203 Stop Commerce Orders for Steady Disclosure Defaults (“Nationwide Coverage 12-203”).

On August 15, 2012, the Fund introduced (the “Default Announcement”) that it will not be capable of file an interim monetary report and interim administration’s dialogue and evaluation for the interval ended June 30, 2012, along with the associated certification of filings underneath Nationwide Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings (collectively, the “Steady Disclosure Paperwork”) by August 29, 2012, the deadline prescribed by securities laws (the “Specified Requirement”).

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Besides as mentioned beneath, or in prior information releases issued since August 15, 2012 in accordance with Nationwide Coverage 12-203, there have been no materials adjustments to the knowledge contained within the Default Announcement or every other adjustments required to be disclosed underneath Nationwide Coverage 12-203.

Remaining Distribution

On November 7, 2022, the Fund has made its remaining distribution (the “Remaining Distribution”) of CAD$0.00549502 per unit of the Fund (every, a “Unit”), representing an combination worth of CAD$1,925,000 to unitholders of document on October 14, 2022 (the “Document Date”). Solely unitholders of document on the Document Date had been entitled to obtain the Remaining Distribution. The ex-dividend date for the Remaining Distribution was October 13, 2022. The Remaining Distribution shall be thought-about a return of capital. Unitholders ought to seek the advice of their very own tax advisors having regard to their specific circumstances. No future distributions shall be made after the Remaining Distribution, which was the ultimate distribution of property of the Fund to unitholders.

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The Remaining Distribution was made pursuant to the Plan of Compromise or Association of, inter alia, the Fund dated Could 21, 2014, as amended (the “Plan”). Pursuant to the Plan, Alvarez & Marsal Canada Inc., the Court docket-appointed monitor of the Fund and its subsidiaries (the “Monitor”) transferred the combination worth of the Remaining Distribution on behalf and for the account of the Fund, to the Fund’s switch agent (the “Switch Agent”). Pursuant to the Plan, the Switch Agent shall distribute the Remaining Distribution to every of the Fund’s registered unitholders as quickly as fairly practicable and in no occasion later than 5 enterprise days following the receipt of funds from the Monitor. The Plan could be discovered on the Monitor’s web site at http://www.alvarezandmarsal.com/arctic-glacier-income-fund-arctic-glacier-inc-and-subsidiaries (the “Monitor’s Web site”). Extra details about the Fund’s proceedings underneath the Firms’ Collectors Association Act (“CCAA”) could be discovered on the Monitor’s Web site.

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Termination of the Fund and Associated Issues

Pursuant to the Plan, the Fund and its remaining subsidiary additionally intend to take all steps essential to wind-up, liquidate, terminate, and/or dissolve in the end. It’s anticipated that the Fund shall be terminated concurrently with the termination of the continued CCAA proceedings following the expiry of any claims for undeliverable or uncashed distributions pursuant to the Plan. It’s also anticipated that the Fund will stop to be a reporting issuer at such time.

Buying and selling Halt and De-listing of the Items

The Fund’s models had been additionally delisted from buying and selling on the CSE efficient November 7, 2022. Concurrent with the delisting from the CSE, the Items had been additionally delisted from OTC Pink Sheets.

Contact:

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

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