Large Arctic Completes the Sale of its Canadian Properly Servicing Company

High Arctic Energy Services Inc.

Significant Arctic Strength Providers Inc.

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CALGARY, Alberta, Jan. 16, 2023 (Globe NEWSWIRE) — Higher Arctic Strength Solutions Inc. (TSX: HWO) “Higher Arctic” or the “Corporation” is pleased to announce that it has shut the sale of its Canadian very well servicing business (“Well Servicing Transaction”) on receipt of the closing hard cash payment of $28. million before now. The Corporation repaid $3.6 million of mortgage loan principal related to the real estate houses bundled in the Effectively Servicing Transaction during December 2022.

The Well Servicing Transaction was announced by the Company on July 18, 2022 with an successful day of July 29, 2022. The sale was transacted via an asset order arrangement for an mixture sale value of $38.2 million in funds, of which $10.2 million was earlier acquired on July 28, 2022.

The receipt of the cash right now more strengthens High Arctic’s money situation. Dollars balances, a lot less house loan liabilities and lender credit card debt, exceed $42 million as of January 16, 2022. This sturdy hard cash place offers Substantial Arctic with overall flexibility to fund business advancement and further more its observe document of shareholder returns.

More than the earlier ten a long time High Arctic has carried a conservative capital structure though returning sizeable shareholder price through dividends and share buybacks of approximately $110 million.

About Large Arctic

Higher Arctic is an vitality products and services provider. Higher Arctic is a market place chief in Papua New Guinea offering drilling and specialized perfectly completion services and provides rental products which includes rig matting, camps, product handling and drilling aid equipment. In western Canada Substantial Arctic delivers nitrogen providers and force command devices on a rental foundation to exploration and creation corporations.

For even further facts, remember to contact:

Lance Mierendorf
Main Economic Officer
1.587.318.2218
1.800.668.7143

Tale proceeds

Significant Arctic Electrical power Products and services Inc.
Suite 2350, 330–5th Avenue SW
Calgary, Alberta, Canada T2P 0L4
site: www.haes.ca
mail: facts@haes.ca

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