15:56:03 EDT Wed 16 Jul 2025
Enter Symbol
or Name
USA
CA



High Arctic Energy Services Inc (2)
Symbol HWO
Shares Issued 49,792,700
Close 2024-08-14 C$ 0.75
Market Cap C$ 37,344,525
Recent Sedar Documents

High Arctic Energy spinout, rollback

2024-08-15 00:50 ET - Rollback

The Toronto Stock Exchange reports that effective at the open on Aug. 16, 2024, the new common shares of High Arctic Energy Services Inc. will be listed and posted for trading under the symbol HWO and with Cusip No. 42964L 10 9, in substitution for the currently listed High Arctic shares.

According to the TSX, the substitutional listing results from a plan of arrangement involving High Arctic and High Arctic Overseas Holdings Corp. (Spinco), which was completed on Aug. 12, 2024. Under the arrangement, High Arctic transferred all of the outstanding ordinary shares of High Arctic Energy Services Cyprus Ltd., the subsidiary that owns and operates High Arctic's Papua New Guinea-focused energy service business, to Spinco. Pursuant to the arrangement, High Arctic shareholders will receive, for each High Arctic share held:

  • 0.25 of a new High Arctic share, resulting in an effective one-for-four High Arctic share consolidation;
  • 0.25 of a Spinco share.

The new High Arctic shares will be listed and posted for trading on an effective one-for-four consolidated basis at the open on Aug. 16, 2024, in substitution for the currently listed High Arctic shares. To receive the entitlement, High Arctic shareholders must return the High Arctic letter of transmittal together with High Arctic share certificates to Odyssey Trust Company at its principal offices in Toronto.

The TSX notes that High Arctic shareholders are not entitled to receive fractional new High Arctic shares and Spinco shares in connection with the arrangement, and no cash payment or other form of consideration will be payable in lieu thereof. Where the total number of new High Arctic shares or Spinco shares to be issued under the arrangement would result in a fraction of a new High Arctic share or Spinco share being issuable, the number of new High Arctic shares or Spinco shares to be received by such holder will be rounded down to the nearest whole new High Arctic share or Spinco share. According to the TSX, Spinco has been conditionally approved for listing on the TSX Venture Exchange and the Spinco shares are expected to begin trading on the TSX-V at the open on Aug. 16, 2024.

For more information, see High Arctic's management proxy and information circular dated May 9, 2024, available on SEDAR+.

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