Business
High Arctic Announces Loan
Mar. 11, 2011 (Canada NewsWire Group) -- NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR F...
About this update from High Arctic Energy Services Inc
[{"type":"text","content":"\n\n\n Mar. 11, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nNOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n THE UNITED STATES.  ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY\n CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW\n\n\nRED DEER, AB, March 11 /CNW/ - High Arctic Energy Services Inc. (TSX:\n HWO) ("High Arctic" or the "Corporation") announces that it will enter\n into loan agreements with certain directors and officers of the\n Corporation (each a "Borrower" and collectively, the "Borrowers")\n whereby the Borrowers will receive loans from Corporation (each a\n "Loan" and collectively, the "Loans") in the total aggregate amount of\n up to $1,110,398.  The purpose of the Loans is to assist the Borrowers\n with the payment of Canadian income taxes payable by the Borrowers as a\n result of the issuance to the Borrowers of Common Shares of the\n Corporation ("Incentive Shares") pursuant to the Corporation's\n executive and director share incentive plan (the "Plan").  The amount\n of each Loan will be a maximum of 50% of the estimated amount of such\n taxes payable by the Borrower.  The participants of the Plan are\n subject to taxation immediately upon issuance of the Incentive Shares\n despite the shares being held by a trustee as part of a three year\n vesting arrangement under the Plan.\n\n\nThe principal amount of each Loan will be advanced to...