Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]
21 November 2023 - 8:01AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Section 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
For the month of, November 2023
Commission File Number: 001-14534
Precision Drilling
Corporation
(Exact name of registrant as specified in its charter)
800, 525 - 8 Avenue S.W.
Calgary, Alberta
Canada T2P 1G1
(Address of principal executive offices)
Indicate by check mark whether
the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ___ Form 40-F _X_
SIGNATURE
Pursuant to the requirements
of Section 12 of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
Dated: November 20, 2023 | PRECISION DRILLING CORPORATION |
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| By: |
/s/Carey T Ford . |
| Name: |
Carey T Ford |
| Title: |
Chief Financial Officer |
Exhibit 99.1
FORM 51-102F3
MATERIAL CHANGE
REPORT
| 1. | Name and Address of Company |
Precision Drilling Corporation (“Precision”)
800, 525 – 8th Avenue S.W.
Calgary, Alberta, Canada T2P 1G1
| 2. | Date of Material Change |
November 8, 2023
A news release reporting the material change was disseminated
through the services of Globe Newswire and filed on SEDAR+ and EDGAR on November 8, 2023.
| 4. | Summary of Material Change |
On November 8, 2023, Precision
announced that it completed its acquisition of CWC Energy Services Corp. (“CWC”). The total consideration for CWC included
947,807 Precision common shares, approximately $14 million in cash, plus the assumption of CWC’s net debt of approximately $38 million,
excluding transaction costs. The total transaction value for CWC was approximately $127 million on November 7, 2023.
| 5.1 | Full Disclosure of Material Change |
Effective November 8, 2023, Precision
completed its acquisition of CWC. The total consideration for CWC included 947,807 common shares of Precision
(the “Precision Shares”), approximately $14 million in cash, plus the assumption of CWC’s net debt of approximately
$38 million, excluding transaction costs. The total transaction value for CWC was approximately $127 million on November 7, 2023.
As a result of completing the Arrangement,
CWC became a wholly-owned subsidiary of Precision.
Precision has acquired all of the issued
and outstanding shares of CWC (each, a “CWC Share”), with each CWC shareholder receiving, at their election (a) 0.002124306
of a Precision Share for each CWC Share; (b) $0.196668 in cash for each CWC Share; or (c) a combination of cash and Precision Shares,
subject to proration
| 5.2 | Restructuring Transaction |
Not applicable.
| 6. | Reliance on subsection 7.1(2) of National Instrument 51-102 |
Not applicable.
No information has been omitted on the basis that it is confidential
information.
For more information, please contact:
Carey Ford, Chief Financial Officer
713.435.6100
November 17, 2023
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