High Arctic Completes $89-Million Initial Public Offering.RED DEER, Alberta Red Deer is a city in central Alberta, Canada. It is located near the midpoint of the Calgary-Edmonton Corridor, and is Alberta's third most populous city - after Calgary and Edmonton. -- High Arctic Energy Services Trust (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :HWO HWO Hazardous Waste Operations .UN) announced today that it has successfully completed its initial public offering. Trust units commenced trading today on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol HWO.UN. "We are extremely pleased to be entering a new chapter in High Arctic's growth story," said Jed Wood, President and Chief Executive Officer. "We are gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. by the market's confidence in our business and we plan to strengthen our position in the oilfield services industry by continuing to develop our technology, our equipment and our people." A total of 8,996,572 trust units with an initial price of $10 per unit are issued and outstanding. The offering was sold through an underwriting syndicate Underwriting syndicate A group of investment banks that work together to sell new security offerings to investors. The underwriting syndicate is led by the lead underwriter. See also: Lead underwriter. underwriting syndicate See syndicate. led by Canaccord Capital. The proceeds of the offering are being used to reduce debt, make capital equipment purchases and for working capital. The initial cash distribution to unitholders is anticipated to be $0.1185 for the period from July 21 to August 31, 2005, and is expected to be paid on or before September 15, 2005. Subsequently, the Trust intends to make regular monthly cash distributions of approximately $0.0875 per trust unit to produce an initial annual yield of 10.5 per cent. High Arctic is a leading Canadian provider of oilfield equipment and services, including drilling, completion and workover operations. The Company's new underbalanced drilling technology and equipment is recognized for its ability to improve oil and gas production capabilities and is expected to develop greater acceptance in international markets. Based in Red Deer Red Deer, city, Canada Red Deer, city (1991 pop. 58,134), S central Alta., Canada, on the Red Deer River. It developed as a trade and service center for a region of dairying and mixed farming. , High Arctic has domestic operations in Alberta, British Columbia and the Northwest Territories. International operations are currently underway in Argentina, Saudi Arabia, Oman, Dubai, Yemen, Tanzania, Thailand and Turkmenistan. The final prospectus of High Arctic Energy Services Trust is available on SEDAR SEDAR System for Electronic Document Analysis and Retrieval SEDAR Southeast Data, Assessment, and Review at www.sedar.com. Forward-Looking Statements This press release may contain forward-looking statements relating to expected future events and financial and operating results of the Fund that involve risks and uncertainties. Actual results may differ materially from management expectations as projected in such forward-looking statements for a variety of reasons, including market and general economic conditions and the risks and uncertainties detailed from time to time in the Fund's prospectus filed with the Canadian securities regulatory authorities. Due to the potential impact of these factors, the Fund disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law. High Arctic Energy Services Trust (TSX:HWO.UN) |
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