Business
High Arctic Cancels SARs; Issues Stock Options
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAI...
About this update from High Arctic Energy Services Inc
[{"type":"text","content":"\n\n\n\nNOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\nTHE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY\nCONSTITUTE A VIOLATION OF U.S. SECURITIES LAW\n\n\nRED DEER, AB, Jan. 14 /CNW/ - High Arctic Energy Services Inc. (TSX: HWO)\n("High Arctic" or the "Corporation") today announced that it has cancelled\nsubstantially all of the 5,375,000 issued and outstanding stock appreciation\nrights ("SARs") and expects to complete the cancellation of all remaining SARs\nover the next 30 days. In connection with the cancellation of the SARs, the\nCorporation issued stock options to acquire an aggregate of 2,903,600 common\nshares under its existing Stock Option Plan. The stock options have an\nexercise price of $0.15 per common share and expire on January 15, 2014.\n\n\nBruce Thiessen, Interim Chief Executive Officer, commented, "The last\nyear has been tumultuous for High Arctic. Nevertheless, 2008 saw a dramatic\nimprovement in High Arctic's finances, which is fully to the credit of the\ndedicated efforts of our staff and management. It is an essential element of\nour restructuring plans to be able to recognize both the loyalty and successes\nof our team. As part of this, we are pleased to have normalized the long term\ncompensation structure."\n\n\nAbout High Arctic\n\n\nThe Corporation, through its subsidiaries, is a global provider of\nspecialized oilfield equipment and services, including drilling, completion\nand workover operations. Based in Red Deer, High Arctic has domestic\noperations primarily in Alberta, British Columbia and the Northwest\nTerritories. International operations are currently active in Mexico, the\nMiddle East and Asia.\n\n\nThe TSX has not reviewed and does not accept responsibility for the\nadequacy or accuracy of this news release.\n\n\n%SEDAR: 00025582E\n\n\n","length":2003,"tagName":"div"}]