CALGARY, Canada – December 13, 2021 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Company”) is pleased to announce that it has filed the necessary documents and received the necessary approvals to conduct a public tender offer in the normal course of business (“OPRA”) through the Toronto Stock Exchange (“TSX”).
The TSX has accepted the Company’s notice to proceed with the public tender offer to purchase outstanding Common Shares in the open market, in accordance with the rules of the TSX. As approved by the TSX, the Company is authorized to purchase up to 2,420,531 common shares, representing approximately 10% of the free float of High Arctic. There were 48,733,145 common shares outstanding as of December 1, 2021. The maximum number of common shares that High Arctic can purchase on any given day is 12,719 common shares, which represents 25% of the average daily trading volume of 50. 878 common shares on the Toronto Stock Exchange. for the six-month period ended November 30, 2021. High Arctic may also make a weekly block redemption that exceeds the daily limit subject to prescribed rules. All common shares acquired under the public tender offer will be canceled.
The company is authorized to make purchases during the period from December 15, 2021 to December 14, 2022, or until the public tender offer is completed or terminated at the option of the company. All Common Shares purchased by the Company under the Offer will be purchased on the open market through the TSX or other Canadian markets, at the prevailing market price at the time of the transaction. The Company has appointed an independent brokerage agent to carry out the offering trades under an Automatic Purchase Plan Agreement (“APPA”) dated December 13, 2021. The APPA will allow the broker to purchase shares under the Offer during internal blackout periods when the Company would not normally be permitted to trade in its shares. Such purchases will be at the sole discretion of the Dealer based on instructions received from High Arctic prior to any trading period. ‘prohibition and in accordance with all regulatory and securities laws.
The Company believes that from time to time the price of the High Arctic Common Shares may not reflect their underlying value and that, at that time, the purchase of Common Shares for the purpose of cancellation will increase the proportional participation and will be beneficial to any remaining shareholders. In addition, purchases made by High Arctic in connection with the Offer may increase liquidity for shareholders of the Company who wish to sell their Common Shares. The Company’s previous service buyback offer expired on December 10, 2021 and, under this program, a total of 78,804 common shares at a weighted average price of $ 1.29 per share were repurchased. for cancellation.
About the High Arctic
High Arctic’s primary objective is to provide specialized well drilling and completion services, equipment rentals and other services to the oil and gas industry. High Arctic is a market leader providing specialized well drilling and completion services and provides drill pads, camps and drilling support equipment on a rental basis in Papua New Guinea. The Western Canada operation provides maintenance, well abandonment, depreciation and nitrogen services and equipment on a rental basis to a number of exploration and production companies of oil and natural gas.
For more information contact:
Phone. : +1 (587) 318 2218
Phone. : +1 (800) 688 7143
High Arctic Energy Services Inc.
Suite 500, 700 – 2e Rue SO
Calgary, Alberta, Canada T2P 2W1
Email: [email protected]