High Arctic Overseas Announces TSXV Final Approval and Listing Date
August 14 2024 - 7:26PM
High Arctic Overseas Holdings Corp. (TSXV: HOH) ("High Arctic
Overseas" or the "Corporation") is pleased to announce that it has
received final approval to list the common shares of the
Corporation ("Common Shares") on the TSX Venture Exchange (the
"TSXV"). The Common Shares are expected to commence trading on the
TSXV at the market opening on August 16, 2024, and the CUSIP
number for the Common Shares will be "42964K101".
On August 12, 2024, High Arctic Energy Services
Inc. ("High Arctic") and the Corporation completed the
previously-announced reorganization of High Arctic to separate High
Arctic's North American and Papua New Guinea businesses, by way of
a court-approved plan of arrangement (the "Arrangement") between
the Corporation and High Arctic.
Pursuant to the Arrangement, among other
things:
- High Arctic
transferred all of the outstanding ordinary shares of High Arctic
Energy Services Cyprus Limited, the subsidiary that owns and
operates High Arctic's Papua New Guinea focused energy services
business, to the Corporation;
- each
shareholder of High Arctic received as consideration, one-quarter
of one (1/4) Common Share and one-quarter of one (1/4) common
share of post-Arrangement High Arctic for each common share of
High Arctic held;
- the Corporation
became a reporting issuer in Alberta, British Columbia, Manitoba,
Ontario, Saskatchewan; and
- High Arctic
retained its interests in its existing North American energy
services business and remained listed on the Toronto Stock
Exchange and continues to trade under the trading symbol
"HWO".
Following the completion of the Arrangement, the
Corporation has 12,448,166 Common Shares outstanding, and positive
working capital of approximately US$19 million inclusive of US$13
million cash on hand. Further details regarding the Corporation and
the Arrangement are contained in the Corporation's TSXV Form 2B
Listing Application, which is available under the Corporation's
profile on SEDAR+ at www.sedarplus.ca.
The Arrangement was approved by shareholders of
High Arctic, along with a distribution of $0.76 per share to its
Shareholders by way of return of capital (the "Return of Capital")
and other matters, at the annual general and special meeting held
on June 17, 2024.
For more information on the Arrangement and the
Return of Capital, please also see the management information
circular of High Arctic dated May 9, 2024, and news releases of
High Arctic dated May 11, 2024, May 21, 2024, May 29, 2024, June
12, 2024, June 18, 2024, June 27, 2024, June 28, 2024, July 31,
2024, August 2, 2024 and August 12, 2024 available on High Arctic's
SEDAR+ profile at www.sedarplus.ca.
About High Arctic Overseas Holdings
Corp.
High Arctic Overseas is a market leader in Papua
New Guinea providing drilling and specialized well completion
services, manpower solutions and supplies rental equipment
including rig matting, camps, material handling and drilling
support equipment.
For further information, please
contact:
Mike Maguire Chief Executive
Officer 1.587.318.3826
High Arctic Overseas Holdings Corp. Suite 2350, 330–5th
Avenue SW Calgary, Alberta, Canada T2P
0L4 www.haes.caEmail: info@higharctic.com
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, the commencement of trading of the Common Shares on
the TSXV. 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.