/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
CALGARY,
AB, May 31, 2022 /CNW/ - Ensign Energy
Services Inc. ("Ensign" or the "Corporation") (TSX:
ESI) is pleased to announce that pursuant to conversion notices
received from all holders of its $37,000,000 principal amount of outstanding
convertible debentures (the "Convertible Debentures"),
Ensign has issued an aggregate of 21,142,857 common shares to the
holders, at a conversion price of $1.75. The holders' elections to convert the
Convertible Debentures were made following the issue of a notice by
Ensign, on April 8, 2022, of Ensign's
intention to redeem all issued and outstanding Convertible
Debentures on June 7, 2022.
Shareholdings of N. Murray
Edwards
As a result of the conversion of the Convertible Debentures on
May 30, 2022 (the
"Conversion"), N. Murray
Edwards, Chairman of the board of directors of Ensign,
beneficially owns and controls 43,060,656 common shares of Ensign,
representing 22.94% of the Corporation's issued and outstanding
common shares as of the date hereof. Prior to the Conversion, Mr.
Edwards owned and controlled $20,000,000 principal amount of Convertible
Debentures and 31,632,085 common shares, representing 18.30% of the
Corporation's issued and outstanding common shares. The
Convertible Debentures were converted in accordance with their
terms at a price equal to $1.75 per
common share. The Convertible Debentures and common shares were
acquired by Mr. Edwards for investment purposes and he may acquire
or dispose of securities of Ensign in the future depending on
market conditions, reformulation of plans and/or other relevant
factors, in each case in accordance with applicable securities
laws.
This portion of the news release is issued pursuant to National
Instrument 62-103 – The Early Warning System and Related
Take-Over Bid and Insider Reporting Issues, which requires a
report to be filed on SEDAR (www.sedar.com) by Mr. Edwards
containing additional information with respect to the foregoing
matters. A copy of the early warning report may be obtained
directly from Ensign upon request at the telephone number
below.
U.S. Securities Laws
The Convertible Debentures and the common shares issued on
conversion thereof have not been, and will not be, registered under
the United States Securities Act of 1933, as amended (the "1933
Act"), or any state securities laws and may not be offered or
sold in the United States to, or
for the account or benefit of, U.S. persons (as defined in
Regulation S under the 1933 Act), except pursuant to an exemption
from the registration requirements of those laws. This news release
shall not constitute an offer to sell or the solicitation of an
offer to buy securities in the United
States, or for the account or benefit of U.S persons.
Cautionary Statements on Forward-looking Information
Certain statements in this news release constitute
forward-looking statements or information (collectively referred to
herein as "forward-looking statements") within the meaning of
applicable securities legislation. Forward-looking statements
generally can be identified by the words "believe", "anticipate",
"expect", "plan", "estimate", "target", "continue", "could",
"intend", "may", "potential", "predict", "should", "will",
"objective", "project", "forecast", "goal", "guidance", "outlook",
"effort", "seeks", "schedule" or expressions of a similar nature
suggesting future outcome or statements regarding an outlook.
These forward-looking statements are subject to, and may be
affected by, numerous risks and uncertainties, some of which are
beyond Ensign's control. Risks that could cause or contribute to
these differences include the factors described in Ensign's public
reports and filings, which are available under Ensign's profile at
www.sedar.com. The forward-looking information contained herein is
provided as at the date hereof and Ensign does not undertake
update, correct or revise any forward-looking statements as a
result of any new information, future events or otherwise, except
as may be required by applicable law.
About Ensign
Ensign is a global leader in oilfield services, headquartered
out of Calgary, Alberta, operating
in Canada, the United States and internationally. We are
one of the world's top land-based drilling and well servicing
contractors serving crude oil, natural gas and geothermal
operators. Our premium services include contract drilling,
directional drilling, underbalanced and managed pressure drilling,
rental equipment, well servicing and production services. Please
visit our website at ensignenergy.com.
Ensign's Common Shares are publicly traded though the facilities
of the Toronto Stock Exchange under the trading symbol ESI.
SOURCE Ensign Energy Services Inc.