|Date Announced:||June 05, 2018|
|Date Closed:||September 06, 2018|
|Client Name:||AKITA Drilling Ltd.|
AKITA Drilling Ltd. acquired all of the issued and outstanding common shares of Xtreme Drilling Corp. by way of a plan of arrangement. Xtreme shareholders elected to receive 0.3732394 of a Class A Non-Voting Share of AKITA or $2.65 in cash for each Xtreme Share held, or a combination thereof, in each case subject to proration as determined by a cash maximum and a share maximum.
Bennett Jones were Canadian counsel to AKITA Drilling Ltd., with a team including William Osler, Kahlan Mills and Kay She. Vinson & Elkins LLP were US counsel to AKITA.