High Arctic Announces Completion of Previously Announced Reorganization and Intention to Announce 2024 Second Quarter Results

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CALGARY, Alberta, Aug. 12, 2024 (GLOBE NEWSWIRE) -- High Arctic Energy Services Inc. (TSX: HWO) ("High Arctic" or the "Corporation") is pleased to announced that it has completed its previously-announced reorganization of High Arctic to separate the Corporation'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 ‎Overseas Holdings Corp. ("SpinCo").

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 the Corporation's Papua New Guinea focused energy services business, to SpinCo;
• each shareholder of the Corporation ("Shareholder") received as consideration, one-quarter of one (1/4) common share of SpinCo ("SpinCo Common Share") and one-quarter of one (1/4) common share of post-Arrangement High Arctic (the "New High Arctic Common Share") for each common share of High Arctic ("Common Share") held;
• SpinCo became a reporting issuer in Alberta, British Columbia, Manitoba, Ontario, Saskatchewan and will be listed on the TSX Venture Exchange ("TSXV") and will trade under the trading symbol "HOH"; and
• High Arctic retained its interests in its existing North American energy services business and remains listed on the Toronto Stock Exchange ("TSX") and continues to trade under the trading symbol "HWO".

The Corporation has received conditional approval to list the New High Arctic Common Shares on the TSX and conditional approval to list the SpinCo Common Shares on the TSXV. Final listing approval will be subject to the Corporation and SpinCo satisfying all of the listing conditions of the TSX and the TSXV, respectively. The Corporation will announce by way of a further press release the date on which trading of the New High Arctic Shares and SpinCo Common Shares will commence, which is expected to be by the end of this week.