Akita Drilling Ltd. Xtreme Drilling Corp. Announce Completion of Plan of Arrangement

Source Press Release
Company Akita Drilling LtdXtreme Drilling Corp. 
Tags Corporate Deals, Deals, Oil Services
Date September 11, 2018

AKITA Drilling Ltd. (TSX:AKT.A; TSX:AKT.B) and Xtreme Drilling Corp. (TSX:XDC) are pleased to announce that they have completed the previously announced plan of arrangement (the "Arrangement") under the Business Corporations Act (Alberta) pursuant to which AKITA acquired all of the issued and outstanding common shares of Xtreme (the "Xtreme Shares").

Pursuant to the Arrangement, AKITA issued 21,662,530 Class A Non-Voting Shares of AKITA and $45,000,000 in cash in consideration for the Xtreme Shares. The cash consideration was financed from AKITA's cash balances and new credit facility of $125 million which was entered into by AKITA with ATB Financial concurrently with the completion of the Arrangement.

As of the date of this press release, there is a total of 37,954,407 Class A Non-Voting Shares of AKITA issued and outstanding.

Douglas Dafoe, the Chairman of Xtreme, was appointed to the AKITA board of directors upon closing of the Arrangement. 

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