07:10 AM EDT, 05/22/2024 (MT Newswires) -- High Arctic Energy Services ( HGHAF ) , near 52-week highs, overnight Tuesday said it received conditional approval from the Toronto Stock Exchange for the listing of new common shares.

The new shares will be issued to the High Arctic shareholders in exchange for their existing common shares under the terms of the previously announced plan of arrangement between the company and High Arctic Overseas Holdings.

The TSX has also conditionally accepted the previously announced return of capital of up to $38.2 million of High Arctic. The arrangement is intended to separate the company's North American and Papua New Guinea businesses.

At the closing of the arrangement, which is expected to occur on July 31, each shareholder will receive one-quarter of one common share of High Artic Overseas Holdings and one-quarter of one new High Arctic common share for each common share held.

The energy services provider will seek shareholder approval for the arrangement, the return of capital and other resolutions related to the reorganization at a shareholders' meeting on June 17.