Akita Drilling launches normal course issuer bid

Canada NewsWire

CALGARY, AB , Aug. 6, 2026 /CNW/ -- AKITA Drilling Ltd. (TSX: AKT) The Toronto Stock Exchange (the "TSX" or the "Exchange") has accepted Akita Drilling Ltd.'s (the "Corporation") Notice of Intention to Make a Normal Course Issuer Bid (the "Notice") pursuant to which the Corporation indicated that it intends, subject to the receipt of regulatory approval, to make a normal course issuer bid for certain of its outstanding Common Shares (Symbol: AKT) on the terms set forth in the Notice. In authorizing the normal course issuer bid for Common Shares, the board of directors of the Corporation has been motivated by its desire to align the intrinsic value of the Corporation's business with current trading prices for the shares. Share purchases under the bid would be an advantageous use of the Corporation's funds and would enhance shareholder value while maintaining a balanced approach to debt repayment. These purchases benefit shareholders who continue to hold Common Shares in that their equity interest in the Corporation's assets is increased.

On July 31, 2026, 57,400,888 Common Shares were outstanding. Under the rules of the Exchange, in the period commencing on August 11, 2026, and ending on August 10, 2027, the Corporation may acquire up to 2,870,044 Common Shares, being approximately 5% of the Common Shares outstanding as at July 31, 2026. If market conditions permit, the Corporation presently anticipates that it will acquire up to 2,870,044 Common Shares, which number represents approximately 5% of the Common Shares outstanding as at July 31, 2026.

Any shares purchased pursuant to the Notice will be cancelled. Common Shares will be purchased at the market price of the shares at the time of purchase and will be purchased on behalf of the Corporation by a registered investment dealer through the facilities of the Exchange and in accordance with Exchange requirements. The funding for any purchase of Common Shares pursuant to the normal course issuer bid will be financed out of working capital of the Corporation.

The average daily trading volume for the Common Shares for the six-month period ending July 31, 2026, was 102,107, with a daily limit of 25,526.

Pursuant to its prior NCIB, the Corporation had approval from the TSX to purchase up to 1,904,020 Class A Non-Voting Shares (Symbol: AKT.A) for the period commencing August 6, 2025, and ending on August 5, 2026. The Corporation completed a share reorganization effective July 6, 2026, whereby Class A Non-Voting Shares were converted into Class B Common Shares (Symbol: AKT.B), Class A Non-Voting Shares were cancelled, and Class B Common Shares were redesignated as Common Shares (Symbol: AKT) effective July 6, 2026 (at the opening). As a result, purchases from July 6, 2026 to July 31, 2026 were for Common Shares of the Corporation (Symbol: AKT). Through July 31, 2026, the Corporation purchased 1,617,573 Common Shares on the TSX at a weighted average purchase price of CAD$2.46 per Common Share.

A copy of the Notice may be obtained by any shareholder without charge, by contacting the Secretary of the Corporation at the head office of the Corporation.

Akita Drilling Ltd. is an Alberta Corporation engaged in the contract drilling business and its outstanding Common Shares are listed on the Toronto Stock Exchange under the symbol "AKT".

SOURCE AKITA Drilling Ltd.

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Canada Newswire

August 6, 2026 - 2:00 PM PDT

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