High Arctic Overseas Announces TSXV Final Approval and Listing Date

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CALGARY, Alberta, Aug. 14, 2024 (GLOBE NEWSWIRE) -- High Arctic ‎Overseas Holdings Corp. (TSXV: HOH) ("High Arctic Overseas" or the "Corporation") is pleased to announce that it has received final approval to list the common shares of the Corporation ("Common Shares") on the TSX Venture Exchange (the "TSXV"). The Common Shares are expected to ‎commence trading on the TSXV at the market opening on August 16‎, 2024, and the CUSIP number for the ‎Common Shares will be "42964K101".

On August 12, 2024, High Arctic Energy Services Inc. ("High Arctic") ‎and the Corporation completed the previously-announced reorganization of High Arctic to separate High Arctic'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.

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 High Arctic's Papua New Guinea focused energy services ‎business, to the Corporation;
• ‎each shareholder of High Arctic received as consideration, one-quarter of one (1/4) ‎Common Share and one-quarter of one (1/4) common share of ‎post-Arrangement High Arctic for each common share of High ‎Arctic held;‎
• the Corporation became a reporting issuer in Alberta, British Columbia, Manitoba, Ontario, 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 trading symbol "HWO".‎

Following the completion of the Arrangement, the Corporation has 12,448,166 Common Shares outstanding, and positive working capital of approximately US$19 million inclusive of US$13 million cash on hand. Further details regarding the Corporation and the Arrangement are contained in the Corporation's TSXV Form 2B Listing Application, which is available under the Corporation's profile on SEDAR+ at www.sedarplus.ca.