AKITA Drilling Ltd. and Xtreme Drilling Corp. close strategic business combination

AKITA Drilling Ltd. (“AKITA”) acquired all of the issued and outstanding common shares of Xtreme Drilling Corp. (“Xtreme”) by way of a Plan of Arrangement. Xtreme shareholders were able to elect to receive 0.3732394 of a Class A non-voting share of AKITA or $2.65 in cash for each Xtreme common share held, or a combination thereof, in each case subject to proration as determined by a cash maximum and a share maximum. 

Bennett Jones LLP was Canadian counsel to AKITA Drilling Ltd. with a team led by Will Osler and including Kahlan Mills, Kay She (M&A/corporate), Jeremy Russell and Taylor Davis (financial services). Vinson & Elkins LLP were US counsel to AKITA. AKITA was provided tax counsel by Brent Perry, Byron Beswick and Erica Hennessey of Felesky Flynn LLP. 

Xtreme was represented by Bradley Squibb, Bradley Ashkin, Haifeng Hu, Rhonda Parhar (corporate), and Kevin Guenther (tax) of Stikeman Elliott LLP.