Arctic Glacier Provides Further Information on Refinancing Proposal

Abstract

(Marketwire - Sept. 20, 2011) - Arctic Glacier Income Fund (TSX:AG.UN) (the "Fund") today confirmed receipt of a preliminary, non-binding refinancing proposal from a group of unitholders including Coliseum Capital Partners L.P. and Talamod Master Fund, LP along with a significant institutional lender (the "Refinancing Parties"). Given the preliminary nature of the proposal, the Fund is not in a position to disclose specific details. However, the Fund can confirm that it is in active dialogue with the Refinancing Parties to assess the merits of this proposal. The Board of Trustees will consider this proposal, along with all alternatives being considered, acting in the best interests of all unitholders.