Glacier Completes Equity Issue
January 13, 2006 – The Board of Directors of Glacier Ventures International Corp. (“Glacier”) wishes to announce that it has closed a private placement of 10,385,965 Subscription Receipts at a price of $2.85 per Subscription Receipt, raising $29.6 million of equity. Each Subscription Receipt will, upon satisfaction of certain conditions, entitle the holder to receive, without further consideration, one Common Share in the capital of Glacier. Proceeds from the sale of Subscription Receipts will be held in escrow and released to Glacier at the time of closing of the proposed acquisition of 3120574 Nova Scotia Company, the owner of substantially all of the remainder of the Canadian interests of Hollinger International Inc, to finance a portion of the purchase price of the acquisition. If the proposed acquisition does not close by February 28, 2006, the escrow agent will return to the holders of Subscription Receipts the issue price of each Subscription Receipt and such holder’s pro-rata entitlement to interest earned thereon. The private placement was arranged by a syndicate of investment dealers co-led by Raymond James Ltd., BMO Nesbitt Burns Inc. and CIBC World Markets Inc., together with Canaccord Capital Corporation, Sprott Securities Inc. and Haywood Securities Inc. The private placement is in addition to the $50.4 million of common equity issued by Glacier on December 30, 2005.