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Gold/Mining/Energy : ARCTIC GROUP AGP-ASE -- Ignore unavailable to you. Want to Upgrade?

To: SurfForWealth who wrote (93)	8/19/1999 9:23:00 PM
From: SurfForWealth	Read Replies (1) \| Respond to of 101

NEWS! Financing NR! I noticed at the beer store (Ontario Brewers Retail)last night that they have converted the ICECO ice labels over to the new snazy "Arctic Glacier". The Q2 report should be out any day now. The volume(60K),no. of trades (22)and price rise was nice today. Someone bought 40K and drove the price from $1.62 to $1.85 around 3:30. Cheers!!! ARCTIC GROUP INC - Completes $127,000,000 Financing [184] Canadian Market News from Market News Publishing, Thursday, August 19, 1999 at 12:20 The Arctic Group announced the completion of a financing package of $127,000,000 Cdn. The facilities are available through a syndicate of lenders / investors who have provided conventional term debt and debentures convertible into common equity of The Arctic Group Inc. The term loan package of $100,000,000 will be provided by the company's existing lead lenders, The Bank of Nova Scotia and RoyNat Inc. The $27,000,000 in convertible debentures have been purchased by Citicorp North America Inc. and RoyNat Inc. The financing will be used to refinance existing debt, and to fund the continued growth of the company. The Arctic Group Chairman and CEO Mr. Robert Nagy stated "We are very excited about this financing package. It will provide The Arctic Group with a solid capital base and will facilitate continued growth, both organically and through acquisition. The Arctic Group has always relied on the strong support of our existing lenders, the Bank of Nova Scotia and RoyNat. The addition of Citicorp, headquartered in New York, brings an investor capable of participating in Arctic's future expansion. It also provides third party verification of the integrity of our business plan. We have demonstrated our ability to create shareholder value by doing accretive acquisitions and most importantly, realizing the synergies available through the rationalization of the businesses. Additionally, the new debt financing will significantly lower the company's cost of borrowing from its current levels." The convertible debentures carry a 8.25 percent coupon and are convertible into common equity of The Arctic Group at $2.00 per share. The debentures have a 5-year term and include a call provision for Arctic. As Canada's largest ice company, The Arctic Group Inc. is committed to building an internationally recognized ice company by focusing on an aggressive strategy of growth through acquisition and consolidation of the ice industry in North America. TOLL FREE: 1-888-573-9237 Robert Nagy, President & CEO INTERNET: arcticgroup.com (c) 1999 Market News Publishing Inc. All rights reserved. Tel:(604) 689-1101 Fax:(604) 689-1106 RapidFAX (tm) - To get the NEWS as it happens, call (604) 689-3041.