Arctic Glacier Income Fund Confirms Receipt of Revenu Québec Clearance Certificate and CRA GST Clearance Certificate

WINNIPEG, Manitoba, Oct. 14, 2021 (GLOBE NEWSWIRE) -- Arctic Glacier Income Fund (CSE:AG.UN) (the "Fund") today confirmed that Revenu Québec has issued a clearance certificate for AGI CCAA Inc., a corporation wholly-owned by the Fund, and the CRA has also issued a clearance certificate for AGI CCAA Inc., namely the Goods and Services Tax/Harmonized Sales Tax Clearance Certificate (collectively, the "Certificates").

Pursuant to an order of the CCAA Court dated February 22, 2012, the Fund and certain other applicants filed for and obtained protection from their creditors under the Companies' Creditors Arrangement Act ("CCAA"). In January 2021, Alvarez & Marsal Canada Inc., the monitor of the applicants (the "Monitor"), filed the full year 2020 tax returns and nil stub period tax returns on behalf of certain of the applicants. Since the filing of those tax returns, the applicants' tax advisors have been following up with Revenu Québec and the CRA to urge both to issue clearance certificates in respect of both the Fund and AGI CCAA Inc. The Monitor has not received all of the required clearance certificates and continues to follow up with the CRA. However, Revenue Québec and the CRA have issued the Certificates. The applicants' tax advisors continue to follow up with the CRA in respect of the outstanding clearance certificates.

More information about the CCAA proceedings can be found on the Monitor's website.

About the Fund

Arctic Glacier Income Fund trust units are listed on the Canadian Securities Exchange under the trading symbol AG.UN.

For further information, contact:
Hugh A. Adams, Corporate Secretary
Tel No.: 204.781.4496