Glacier Media Inc. (“Glacier” or the “Company”) (TSX: GVC) is pleased to announce the closing of a private placement (the “Private Placement”) of 15,384,615 Common Shares (the “Shares”) in the capital of the Company at a price of $0.65 per Share for gross proceeds of $10,000,000.
The net proceeds of the Private Placement shall be used for investment purposes and general working capital needs. The Private Placement will allow the Company to pursue strategic investments to increase its scale, competitiveness and operating strength while maintaining lower debt levels.
The Shares will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
Glacier has also repaid the amount owing under the unsecured convertible loan issued to Madison Venture Corporation (“Madison”) on March 28, 2019. The loan was repaid with senior bank borrowings.
Glacier Media Inc. is an information and marketing solutions company pursuing growth in sectors where the provision of essential information and related services provides high customer utility and value. Glacier’s strategy is implemented through two operational areas: data, analytics and intelligence; and content and marketing solutions.
For further information please contact Mr. Orest Smysnuik, Chief Financial Officer, at 604-708-3264.
Forward Looking Statements
This news release contains forward-looking statements that relate to, among other things, the Company’s objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates. These forward-looking statements include, among other things, statements relating to the Company’s expectations regarding its proposed investments, revenues, expenses, cash flows and future profitability and the effect of Glacier’s strategic initiatives, including its expectations to grow its digital media business, to develop and provide proprietary products and broaden marketing services, to extend its audience and products, to increase its scale, competitiveness and operating strength, and to maintain lower debt levels. These forward looking statements are based on certain assumptions, including continued economic growth and recovery and the realization of cost savings in a timely manner and in the expected amounts, and are subject to risks, uncertainties and other factors which may cause results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, and undue reliance should not be placed on such statements.
The forward-looking statements made in this news release relate only to events or information as of the date on which the statements are made. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur.
All forward-looking statements included in and incorporated into this press release are qualified by these cautionary statements. Unless otherwise indicated, the forward-looking statements contained herein are made as of the date of this press release, and except as required by applicabe law, the Company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Readers are cautioned that the actual results achieved may vary from the information provided herein and that such variations may be material. Consequently, there are no representations by Glacier that actual results achieved will be the same in whole or in part as those set out in the forward-looking statements.