High Arctic Announces Receipt of Final Order for Arrangement
June 28 2024 - 12:18AM
High Arctic Energy Services Inc. (TSX: HWO) ("High Arctic" or the
"Corporation") is pleased to announce that the Court of King's
Bench of Alberta has granted the final order in connection with the
previously announced plan of arrangement (the "Arrangement")
between the Corporation and High Arctic Overseas Holdings Corp.
(“SpinCo”) providing for the spin-out by the Corporation of its
Papua New Guinea focused energy services business to SpinCo. As
previously announced, the Arrangement was approved by the
Corporation's shareholders at the annual general and special
meeting held on June 17, 2024.
The Arrangement remains subject to the
satisfaction of closing conditions, including the approval of each
of the Toronto Stock Exchange and the TSX Venture Exchange.
Assuming that the conditions to closing are satisfied, it is
currently expected that the Arrangement will be completed on or
about July 31, 2024.
For more information on the Arrangement, please
see the management information circular of the Corporation dated
May 9, 2024, available on the Corporation's SEDAR+ profile at
www.sedarplus.ca.
About High Arctic
High Arctic is an energy services provider. High
Arctic is a market leader in Papua New Guinea providing drilling
and specialized well completion services and supplies rental
equipment including rig matting, camps, material handling and
drilling support equipment. In western Canada, High Arctic provides
pressure control and other oilfield equipment on a rental basis to
exploration and production companies, from its bases in Whitecourt
and Red Deer, Alberta.
For further information, please contact:
Lonn BateInterim Chief Financial
Officer1.587.318.22181.800.668.7143
High Arctic Energy Services Inc.Suite 2350, 330–5th Avenue
SWCalgary, Alberta, Canada T2P 0L4website: www.haes.caEmail:
info@haes.ca
Forward-Looking Statements
This press release contains forward-looking
statements. When used in this document, the words "may", "would",
"could", "will", "intend", "plan", "anticipate", "believe", "seek",
"propose", "estimate", "expect", and similar expressions are
intended to identify forward-looking statements. Such statements
reflect the Corporation's current views with respect to future
events and are subject to certain risks, uncertainties and
assumptions. Many factors could cause the Corporation's actual
results, performance or achievements to vary from those described
in this press release. Should one or more of these risks or
uncertainties materialize, or should assumptions underlying
forward-looking statements prove incorrect, actual results may vary
materially from those described in this press release as intended,
planned, anticipated, believed, estimated or expected. Specific
forward-looking statements in this press release include, but are
not limited to, statements pertaining to the following: the
Arrangement; receipt of stock exchange and other regulatory
approvals and satisfaction of conditions to the closing of the
Arrangement; and the anticipated timing of the closing of the
Arrangement. The Corporation's actual results could differ
materially from those anticipated in these forward-looking
statements as a result of the risk factors set forth above and
elsewhere in this press release. The forward-looking statements
contained in this press release are expressly qualified in their
entirety by this cautionary statement. These statements are given
only as of the date of this press release. The Corporation does not
assume any obligation to update these forward-looking statements to
reflect new information, subsequent events or otherwise, except as
required by law.
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