Business
High Arctic Closes Private Placement
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. 23 /CNW/ - High Arctic Energy Services Inc. (TSX:\nHWO)("High Arctic" or the "Corporation") is pleased to announce that, further\nto its news release dated December 16, 2008, it has completed the non-brokered\nprivate placement of 3,000,000 common shares to certain directors and senior\nofficers of the Corporation (the "Offering"). The Offering was completed at a\nprice of $0.20 per common share for aggregate gross proceeds of $600,000. The\nOffering was completed as a non-brokered private placement (as opposed to a\nshares for debt private placement as previously announced), whereby certain\ndirectors and senior officers of the Corporation re-invested bonus amounts\npaid to them by High Arctic in exchange for the common shares. The private\nplacement is subject to final approval from the Toronto Stock Exchange.\n\n\nMichael Binnion, Chairman of the Board, commented that, "We are very\npleased with the commitment of the management team to seeing High Arctic\nthrough a successful restructuring. Their financial participation in the\nmarket placement is a very tangible demonstration of their confidence."\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","length":2014,"tagName":"div"}]