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.