Glacier Ventures International Corp. (TSX:GVC) subsidiary GVIC Communications Corp. has signed Raymond James Ltd. and Canaccord Adams to co-lead a $8 million private placement.
The company plans to use the proceeds to fund future acquisitions and for general corporate purposes.
The offering, which is subject to due diligence, regulatory and other customary approvals, is expected to close June 14.
For its first quarter ending March 31, 2007, Glacier reported revenue of $53.5 million compared with $40.8 million in the first quarter of 2006.
The company, which owns Business in Vancouver Media Group, said it continues to pursue further acquisition opportunities to complement its existing operations.
Glacier's share price range during the past week: between $3.21 and $3.40; 52-week high: $3.62; 52-week low: $2.54.