High Arctic Overseas Announces TSXV Final Approval and Listing Date

Article Content

This information may not be distributed on the US Newswire services or published in the United States. Any failure to comply with this restriction may constitute a violation of US securities law.

CALGARY, Alberta, Aug. 14, 2024 (GLOBE NEWSWIRE) — High Arctic Overseas Holdings Corp. (TSXV: HOH) (“High Arctic Overseas” or the “Company”) is pleased to announce that it has received final approval to list the Company’s common shares (the “Common Shares”) on the Toronto Enterprise Exchange (“TSXV”). The Common Shares are expected to begin trading on the TSX upon market opening on August 16, 2024, and the CUSIP number for the Common Shares will be “42964K101.”

Article Content

On August 12, 2024, High Arctic Energy Services Inc. (“High Arctic”) and the Company completed High Arctic’s previously announced reorganization to separate High Arctic’s businesses in North America and Papua New Guinea, through a court-approved plan of arrangement (the “Arrangement”) between the Company and High Arctic.

Under the arrangement, among other things:

• High Arctic has transferred all outstanding ordinary shares of High Arctic Energy Services Cyprus Limited, the subsidiary that owns and operates High Arctic’s energy services business in Papua New Guinea, to the Company;
• Each High Arctic shareholder received one-quarter (1/4) common share and one-quarter (1/4) common share of High Arctic after the arrangement for each High Arctic common share he owned;
• The Company has become a reporting entity in Alberta, British Columbia, Manitoba, Ontario, and 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 ticker symbol “HWO.”

Article Content

Article Content

Following the completion of the Arrangement, the Company has 12,448,166 common shares outstanding and positive working capital of approximately $19 million including $13 million in cash on hand. Further details regarding the Company and the Arrangement are set forth in the Company’s application for listing on Form 2B of the Toronto Stock Exchange, which is available on the Company’s SEDAR+ filing at www.sedarplus.ca.

The Arrangement was approved by High Arctic shareholders, together with a distribution of $0.76 per share to its shareholders by way of capital return (the “Capital Return”) and other matters, at the Annual General Meeting and Special Meeting held on June 17, 2024.

For further information regarding the arrangement and redemption of capital, please also see High Arctic’s management notice dated May 9, 2024, and High Arctic’s news releases 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.

Article Content

About High Arctic Overseas Holdings Corp.

High Arctic Overseas is the market leader in Papua New Guinea providing specialized drilling and well completion services, manpower solutions and rental equipment supplies including rig mats, camps, material handling and drilling support equipment.

For more information, please contact:

Mike Maguire
chief executive officer
1.587.318.3826

High Arctic Overseas Holding Company
Suite 2350, 330 5th Street SW
Calgary, Alberta, Canada T2P 0L4
www.haes.ca
Email: info@higharctic.com

Forward-looking statements

This press release contains forward-looking statements. When used in this document, the words “may,” “will,” “would,” “intend,” “plan,” “expect,” “believe,” “seek,” “propose,” “estimate,” “anticipate,” and similar expressions are intended to identify forward-looking statements. These statements reflect the Company’s current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company’s actual results, performance or achievements to differ materially from those described in this press release. Should one or more of these risks or uncertainties materialize, or should the assumptions underlying the forward-looking statements prove incorrect, actual results may differ materially from those described in this press release as intended, planned, anticipated, believed, estimated or projected. Forward-looking statements identified in this press release include, but are not limited to, the commencement of trading of our common stock on the Toronto Stock Exchange. The Company’s actual results may differ materially from those projected in these forward-looking statements as a result of the risk factors described 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 made only as of the date of this press release. The Company undertakes no obligation to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law.

Article Content