Business
High Arctic Announces Normal Course Issuer Bid
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES ...
About this update from High Arctic Energy Services Inc
[{"type":"text","content":"\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW/\n\n\n\nCALGARY, Jan. 8, 2015 /CNW/ - High Arctic Energy Services Inc. (TSX: HWO) (\"High Arctic\" or the \"Corporation\") is pleased to announce that it has made the necessary filings, and received the necessary approvals to conduct a normal course issuer bid (\"NCIB\") through the facilities of the Toronto Stock Exchange (\"TSX\").\n\nThe TSX has accepted the Corporation's notice to conduct the NCIB to purchase outstanding common shares on the open market, in accordance with the rules of the TSX.  As approved by the TSX, the Corporation is authorized to purchase up to 2,938,125 common shares, representing approximately 10% of the public float of High Arctic, being 29,381,251 as of January 7, 2015. As of January 7, 2015, there were 55,768,652 common shares outstanding.  The maximum number of common shares that High Arctic may purchase on any given day is 20,505 common shares, which is 25% of the Corporations average daily trading volume on the TSX.  High Arctic may also make one weekly block repurchase which exceeds the daily limit subject to prescribed rules. All common shares acquired under the NCIB will be cancelled.\n\nThe Corporation is authorized to make purchases during the period from Jan 12, 2015 to Jan 11, 2016, or until such earlier time as the NCIB is completed or terminated at the option of the Corporation. Any common shares the Corporation purchases under the NCIB will be purchased on the open market through the facilities of the TSX or alternative Canadian markets, at the prevailing market price at the time of the transaction. The Corporation has appointed AltaCorp Capital Inc. (\"AltaCorp\") as its broker to conduct the NCIB transactions under an automatic purchase plan agreement (\"APPA\") dated Jan 7, 2015.  The APPA will allow AltaCorp to purchase common shares under the bid during internal blackout periods when the Corporation would normally not be permitted to trade in its shares.  Such purchases will be at the sole discretion of AltaCorp based on direction received from High Arctic prior to any blackout period and in accordance with all regulatory and securities law.\n\nManagement of th...