Glacier Media Inc. Announces Private Placement
July 19 2019 - 5:15PM
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.
About Glacier
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 applicable 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.
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