Use it at the target location to spawn an Icebear.
Using Fresh Gugufish, Fresh Clownfish and Fresh Kikifish has a chance to tame it into your mount.
Feed a young Icebear 1 time, and it will grow up.
Feed two adult Icebears 2 times, and they will #c0aba1dbreed.
Defeat it to obtain EXP and Soft Leather.