High Arctic Energy Services Inc. ("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.
