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ARCTIC GLACIER COMPLETES EQUITY OFFERING WINNIPEG, October 8, 2003 - Arctic Glacier Income Fund (TSX-AG.UN) announced today the closing of an offering of 4,950,000 trust units at a price of $10.10 per unit, for gross proceeds of $49,995,000, including 950,000 trust units pursuant to the exercise of the over-allotment option granted to the Underwriters. The trust units were offered to the public on a bought deal basis through a syndicate of underwriters led by TD Securities Inc. and including RBC Dominion Securities Inc., Scotia Capital Inc. and Wellington West Capital Inc. The net proceeds of the offering will be used to pursue near-term acquisition opportunities identified by management. The Fund is currently in discussions with respect to acquisitions of operators in the packaged ice industry in or near markets currently served by Arctic. Until so required, the net proceeds will be used to temporarily reduce indebtedness of the Fund. The offered securities will not be registered under the U.S. Securities
Act of 1933, as amended, (the "Securities Act") and may
not be offered or sold within the United States or to, or for the
account or benefit of, U.S. persons except in certain transactions
exempt from the registration requirements of the Securities Act. Arctic Glacier Income Fund, through its operating company, Arctic Glacier Inc., is a leading producer, marketer and distributor of high-quality packaged ice in North America under the brand name of Arctic Glacier® Premium Ice. Arctic Glacier operates 20 production plants and 35 distribution facilities across Canada and the central and northeastern United States servicing more than 40,000 retail accounts. Arctic Glacier Income Fund trust units are listed on the Toronto Stock Exchange under the trading symbol AG.UN. There are 23.26 million trust units outstanding. -- 30 --
Contact Information (Signed) On behalf of the Board of Trustees of Arctic
Glacier Income Fund, Robert Nagy, President & CEO. The Toronto Stock Exchange does not approve or disapprove of the adequacy or accuracy of this release.
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